Technical analysis 22/12/09 of FXCBS
This is technical daily and provided by specialists and analysts from FXCBS
Previous session overview
The Dollar is trading around its highest levels in three months against Euro and other major currencies, EUR against the U.S. dollar was trade in a narrow range during the Asian session the highest price was at 1.43304 and the lowest at 1.42649, now the pair is trading around 1.43202 levels.
The pound against the dollar has weakened during the Asian session; the highest was at 1.61001 and the lowest at 1.60298, now the pair is trading around 1.60865 levels.
The dollar against yen was also weak at the Asian session, and achieved the highest at 91.482 and the lowest price at 90.999, now the pair is trading around 91.171 levels.
Market Expectations
EUR/USD :
The pair Euro against the U.S. dollar faces strong support at the point 1.42600, which may lead the pair to make vibrating movement for some time around that level, and then back again to breakthrough the mentioned support to reach the target 1.41250.
GBP/USD :
Stochastic determination shows a downward trend for the pair of sterling against the U.S. dollar, which makes us expect a decline for a couple starts with breakthrough main support point at 1.60050 and moving toward the goals 1.5945 and then 1.5832 this expectation requires constant trading below 1.61350.
USD/JPY :
We expect today that the pair U.S. dollar against the Japanese Yen will make a corrective movement to the support point 90.700 and then return to complete its bullish trend to the point 92.80 , this expectation require stability of trading above 90.700.
USD/CAD :
We expect a bullish direction over an intraday basis supported by 76.4% Fibonacci correction. The primary targets expected are around 1.07600. It is important to pay attention that chances of achieving this bullish trend will prevail if we do not witness a clear breach for 1.05455.
Senior Analyst / Ali Hasan / FXCBS
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