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

Wednesday February 3 , 2010

Previous session overview

The euro dollar pair fell slightly in today's Asian session recording a low of 1.39465 and a high of 1.40257, having the 16 nations' currency trading around 1.40249.

Regarding the pound dollar pair, it is consolidating between 1.60690 levels and 1.59633 levels recording a high of 1.60374 and a low of 1.59630. The pair is currently trading around 1.60392 levels.

Finally, the dollar yen pair still trading around the 90.276 levels recording a low of 90.069and a high of 90.556.

Market Expectations

The pair Euro against U.S. dollar managed to complete the corrective movement to the 38.2% Fibonacci at the level 1.39870, we expect today for the pair to return to land again to the level 1.38000 , we can see through stochastic indicator a signs of saturation in the procurement process for the pair .

The pair Sterling against the U.S. dollar rose to the level 1.60600, at this level the corrective movement completed as we see, Stochastic appears saturated in the procurement process which may lead the pair to return to test the support level previously broken at 1.59750.

The dollar versus yen is trading below resistance for the descending channel , we still keeps our pervious expectations of achieving a possible bearish intraday direction, where its main targets reside around 89.100, keeping in mind the importance of trading remaining below 91.100 so that the expected scenario may prevail.

Senior Analyst / Ali Hasan /FXCBS

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