This is Technical analysis daily and provided by specialists and analysts from FXCBS

Monday 1,February , 2010

Previous session overview

The euro dollar pair is consolidating between 1.39030 levels and 1.38521 levels recording a high of 1.38030 and a low of 1.38521. The pair is currently trading around 1.38788 the lowest level in about 7 months.

Regarding the pound dollar pair, it is fell slightly recording a low of 1.59181 and a high of 1.59779, having the royal currency trading around 1.59210.

Finally, the dollar yen pair is consolidating between a high of 90.460 and a low of 90.467, and the pair is currently trading around 90.452.


Market Expectations
EUR/USD :
The pair Euro against U.S dollar breakthrough the support point at 1.40500 at the trading last week to achieve the lowest at 1.38520 , we expect a new low this week aimed at 1.35250 , but we expect corrective movement for the pair before that happens , these expectations require stability of trading below 1.40500.



GBP/USD :
The pair Sterling against the U.S. Dollar was succeeded to breach the support level 1.6025 during the trade last week and achieved the lowest price at 1.5932; we expect a further drop for the pair during the trading this week aimed at the level 1.57000.



USD/JPY :
We expect the pair to succeed in breaching this level 89.250 and therefore opening the way to achieve a possible bearish short term direction for this week. We could witness some minor bullish correction before activating the expected bearish direction that mainly targets 86.90 and then 84.80. It is vital that 92.90 remain intact to maintain chances of achieving the predicted bearish direction.



Senior Analyst / Ali Hasan /FXCBS

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