Thu, 04th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD made indecisive movement yesterday. The pair attempted to push lower, bottomed at 1.2600 but further bearish momentum was rejected as the pair closed higher at 1.2713. The triangle formation on hourly chart suggesting that the pair is in consolidation phase. The main bias remains down, so I am expecting further bearish scenario towards 1.2430 area. CCI about to cross 100 line up on hourly chart so watch out for a potential upside pressures testing 1.2760 resistance. Initial support at 1.2650 followed by 1.2563.
EURUSD Daily Supports and Resistances:
- S1= 1.2628
- S2= 1.2544
- S3= 1.2488
- R1= 1.2768
- R2= 1.2824
- R3= 1.2908
GBPUSD Outlook
After an indecisive movement on Tuesday, yesterday the GBPUSD continued it’s bearish scenario. The pair bottomed at 1.4665 and closed at 1.4776. The bias remains down targeting 1.4550 area. Immediate resistance is seen at 1.4820. Initial support at 1.4665. CCI heading down towards -100 line on daily chart suggesting a potential downside pressures.
GBPUSD Daily Supports and Resistances:
- S1= 1.4650
- S2= 1.4524
- S3= 1.4384
- R1= 1.4916
- R2= 1.5056
- R3= 1.5182
USDJPY Outlook
The USDJPY made another indecisive movement yesterday. We have another rectangle pattern on hourly chart as the price seem to move in ranging area between 93.60 and 92.50. Looking back at the same rectangle pattern on Monday when after price break to the downside it made a nice bearish momentum, I am expecting the same scenario as the bias is still on the downside. CCI in neutral area on 4h chart.
USDJPY Daily Supports and Resistances:
- S1= 92.68
- S2= 92.08
- S3= 91.62
- R1= 93.74
- R2= 94.20
- R3= 94.80
USDCHF Outlook
After break the ranging area (1.2090 and 1.1990) to the upside, yesterday the USDCHF had a bullish momentum, topped at 1.2168, but further bullish scenario was rejected as the pair closed lower at 1.2087. However, technically the bias remains on the upside. Immediate support is seen at 1.2050 followed by 1.1990. Initial resistance at 1.2198. CCI in neutral area in 4h and daily chart.
USDCHF Daily Supports and Resistances:
- S1= 1.2034
- S2= 1.1982
- S3= 1.1915
- R1= 1.2153
- R2= 1.2220
- R3= 1.2272
Have a great day!
Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis, money trading
