Technical Analysis 6/05/2010 of FXCBS

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Thursday May 6 , 2010

Previous session overview

The euro against the U.S. dollar traded in a narrow range during the Asian session between the highest at 1.28568 and the lowest at 1.27650. Now the pair is trading around the 1.27760.

The pound against the U.S. dollar also traded in a narrow range during the Asian session between the higher of 1.51475 and the lower of 1.50558. Now the pair is trading around the 1.50683.

The dollar against yen traded between the highest of 93.96 and the lowest of 93.62. Now the pair is trading around 93.93

Market Expectations


EUR/USD
:The negative pressure continued on the pair euro against U.S. dollar, determined indicators may push the pair to make a small correction then back to continuo the decline trip to the target 1.27170 then to the 1.26560, stability of trading below the level of 1.29950 necessary to achieve these expectations.




GBP/USD :We expect today for the pair sterling against the U.S. dollar a corrective movement to the level of 1.51700 the back to decline to the target of 1.4980, stability of trading below the level of 1.51700 necessary to achieve these expectations.




USD/JPY :The pair U.S. dollar against the Japanese yen did breakthrough the support level of the bullish channel the price stabilized below the moving average 50 encourages us to predict the direction of the downtrend today aimed at the levels of 92.900



Senior Analyst / Ali Hasan /FXCBS

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