Fri, 05th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
Yesterday the EURUSD attempted to push lower, bottomed at 1.2552 but further bearish scenario was rejected as the pair whipsawed to the upside, topped at 1.2847 and closed at 1.2771. Like I said few days back, as long as the pair stay below 1.2850, the bearish scenario is still intact. On 4h chart we can see that the pair is now traded around the bearish trend line resistance area and CCI in overbought zone and heading down suggesting a potential downside pressures. Immediate support is seen at 1.2660. A break to the downside from that level could trigger further bearish momentum. Eyes on US NFP data today.
EURUSD Daily Supports and Resistances:
- S1= 1.2599
- S2= 1.2428
- S3= 1.2304
- R1= 1.2894
- R2= 1.3018
- R3= 1.3189
GBPUSD Outlook
Yesterday the GBPUSD hit my bearish target at 1.4550, even further, bottomed at 1.4467. However the whipsawed to the upside, topped at 1.4813 and closed at 1.4687. The bias remains on the downside. Immediate resistance is seen at 1.4730. Initial support at 1.4550. Another movement below that support level could trigger further bearish scenario towards 1.4287 area. CCI about to cross -100 line down on 4h chart suggesting a potential downside pressures. Eyes on US NFP data today.
GBPUSD Daily Supports and Resistances:
- S1= 1.4498
- S2= 1.4309
- S3= 1.4152
- R1= 1.4844
- R2= 1.5001
- R3= 1.5190
USDJPY Outlook
Yesterday we had a good example of how rectangle formation could be a good tool in our trading plan. Once again, after break the rectangle pattern to the downside, the pair made a further bearish movement. The pair bottomed at 92.06 and closed at 92.27. However there are some upside pressures early today in Asian session and CCI just cross -100 line up on hourly chart and in oversold area and heading up on 4h chart suggesting a potential upside corrections. Immediate resistance is seen at 92.50 followed by 92.90. Initial support at 92.06 (yesterday’s low) followed by 91.50. My model is neutral in nearest term considering oversold CCI on daily chart and yesterday’s low could be considered as double bottom formation with 27/10/2008 low at 92.05.
USDJPY Daily Supports and Resistances:
- S1= 91.75
- S2= 91.23
- S3= 90.40
- R1= 93.10
- R2= 93.93
- R3= 94.45
USDCHF Outlook
Yesterday the USDCHF failed to maintain it’s bullish momentum. The pair break the bullish channel on hourly chart to the downside, bottomed at 1.1924 and closed at 1.1949. This fact force my model to go mixed with neutral bias in nearest term, but bullish scenario on longer term can not be said over yet. Immediate resistance is seen at 1.2005 followed by 1.2060 area. Initial support at 1.1890. CCI just cross -100 line up on hourly chart suggesting a potential upside pressures.
USDCHF Daily Supports and Resistances:
- S1= 1.1853
- S2= 1.1757
- S3= 1.1591
- R1= 1.2115
- R2= 1.2281
- R3= 1.2377
Have a great weekend!
Labels: Forex Analysis, Forex Trend, Market Analysis, World Market
