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Old 12-24-2009, 12:14 PM
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Join Date: Dec 2009
Posts: 11
Default Technical analysis 24/12/09 of FXCBS

This is technical daily and provided by specialists and analysts from FXCBS

Previous session overview

Euro against the U.S. dollar was traded in a narrow range during the Asian session recording a high of 1.43712 and a low of 1.43232, now the pair is trading around 1.43519 levels.

The Pound against the U.S dollar was also trading in a narrow range during the Asian session; the highest was at 1.60125 and the lowest at 1.59428, now the pair is trading around 1.59931 levels.

The dollar against yen was also traded in a narrow range at the Asian session, and achieved the highest level of 91.739 and the lowest price at 91.130, now the pair is trading around 91.242 levels.

Market Expectations

the Euro against the U.S. dollar still traded within a narrow range since the beginning of the trading session for this day around the resistance level at 1.43650 and strives to break through this level, if the pair can break through this level that may lead the price to the level 1.44750, but we still keep our expectations that all the rise for the pair is just a correction movement.

Sterling against the U.S. dollar based on the support level, we expect today that the pair will make a correction up to the level 1.60850 before continuing its landing, the general trend still down side until this moment.

The U.S. dollar against the Japanese yen continues to be attempts to complete the correction which is expected to the level 90.700 but the price hits the support level at 91.300, Now we expect that the pair will break through that level to complete the correction, before he can go up to the new goals at the level 92.500

Positive signs that appear through momentum indicators make us expect some upside movement that will retest breach support at 1.05450 and then resume the bearish trend towards the mentioned main targets. Thus, we expect a bearish direction for today to remain intact if we do not witness trades stabilizing above 1.05700.

Senior Analyst / Ali Hasan / FXCBS
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