Thread: Technical Analysis 21/01/10 of FXCBS

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Thursday Jan 21, 2010

Previous session overview

The euro dollar pair slipped today recording a low of 1.40666 and a high of 1.41367, having the 16 nations' currency trading around 1.40802. The euro traded at a five months low yesterday and today it is extending declines.

The pound dollar pair, it declined as well to record a low of 1.61840 and a high of 1.63111, and the pair is currently trading around 1.61860.

Finally, the dollar gained against the Japanese yen recording a high of 91.719 and a low of 91.184, and the federal currency is currently trading around 91.722.



Market Expectations

EUR/USD :
The pair Euro against U.S dollar was approach to touching the support key at 1.40600 , which is very strong point , at this time Stochastic showing signs of saturation in selling process which may lead the pair to make correction to the level of 1.42450 before it continue declining to the level 1.38600.



GBP/USD :
The pair sterling against the U.S dollar breakthrough the main support point at 1.62400 after strong resistance above it , thus breakthrough opening the way for the pair to achieve a further drop to the level 1.60500 then to the 1.59450.



USD/JPY :
The dollar against yen succeeded in breaching pivotal resistance seen yesterday at 91.35 and head towards achieving the awaited bullish correction, we expect an overall bearish direction over an intraday building it base on 92.20 and head towards targets 91.20 and then 90.25. Keep in mind the importance of 93.05 to maintain chances of achieving these expectations.





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