Technical analysis 28/12/09 of FXCBS
This is technical daily and provided by specialists and analysts from FXCBS
Previous session overview
In general, as a result of the Christmas Holiday and thin liquidity the pairs were trading in a narrow range during the Asian session.
The Euro against the US dollar within the Asian session has touched a high price of 1.43965 and low price at 1.43522.
The Sterling against the US dollar during the Asian market touched high price of 1.59944 and a low of 1.95315.
The US dollar against the JPY within the Asian session has touched a high at 91.770 and low at 91.406.
Market Expectations
EUR/USD :
The Volume is poor on the pair EUR/USD due to the Christmas holiday. And the market has opened on an upward direction, so we expect the pair to go down again to the levels of 1.4265 and then 1.4200 if the pair breaks the 1.4350 support level.
GBP/USD :
The sterling against the U.S. dollar approached to a strong support level of 1.5925, but it rebounded rapidly. We expect the pair to go back again to test this point and we expect the pair to fall this time to 1.5845.
USD/JPY :
The Yen against the U.S. dollar is trading for several days within a narrow range between the support level of 91.32 and resistance level of 91.77, the expectations for the pair is to keep moving between these two prices with the possibility for the pair to decline to 90.70 in the process of completing the correction movement.
Senior Analyst / Ali Hasan / FXCBS
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