Technical Analysis 26/01/10 of FXCBS

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

Tuesday Jan 26, 2010

Previous session overview

The euro dollar pair fell in the Asian session to record a low of 1.40718and a high of 1.41788, having the union currency trading around 1.41001.

As for the pound dollar pair, it declined slightly after yesterday's rally to record a low of 1.61914 and a high of 1.62676, having the royal currency trading around 1.62245.

Finally, the Japanese yen gained against the dollar to offset yesterday's drop and the pair recorded a low of 89.548 and a high of 90.547, while it is currently trading around 90.112.


Market Expectations

EUR/USD :
EUR fell against the U.S. dollar and breaking the support level at 1.41400 and tried to approach the key of the support level at 1.40500, and we expect a breakthrough for this level and orientation towards the target 1.39500, but before this happens we may see some fluctuation of the price.



GBP/USD :
Sterling against the U.S. dollar based on the resistance level at 1.62500, we can see negative signals through stochastic indicator which make us expect today a decline in the price to the level 1.60600.



USD/JPY :
The pair breached the secondary support nearing the initial target at 89.000 we expect a downside intraday move today targeting the support level at 88.800 which requires trading to remain below 90.600.



Senior Analyst / Ali Hasan /FXCBS

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