Mon, 08th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
We had another limited bearish momentum on Friday. The EURUSD attempted to push lower, bottomed at 1.2627 but further bearish scenario was rejected as the pair closed higher at 1.2718. The pair seem to be trapped in ranging market of 1.2850 and 1.2550 area last week. The long term downside bias is still intact but we might have some upside momentum in nearest term today testing 1.2800 and 1.2850 resistance area. A break above 1.2850 level could be a violation of the current bearish scenario and should trigger further bullish momentum. CCI in neutral area and heading up towards 100 line on 4h chart suggesting a potential upside pressures. Initial support at 1.2665 followed by 1.2550.
EURUSD Daily Supports and Resistances:
- S1= 1.2631
- S2= 1.2544
- S3= 1.2461
- R1= 1.2801
- R2= 1.2884
- R3= 1.2971
GBPUSD Outlook
The GBPUSD made indecisive movement on Friday. The pair opened and closed at almost the same price (1.4682 and 1.4685) formed a Doji formation on daily chart. On Thursday we have also have a Hammer formation on daily chart. Daily CCI just cross -100 line up. Although the bearish scenario is still intact, these facts should be an early warning about a potential bullish reversal scenario. Be very patient. Immediate resistance is seen at 1.4780 followed by 1.4876. Initial support at 1.4680 followed by 1.4620.
GBPUSD Daily Supports and Resistances:
- S1= 1.4552
- S2= 1.4419
- S3= 1.4308
- R1= 1.4796
- R2= 1.4907
- R3= 1.5040
USDJPY Outlook
The USDJPY made a minor upside correction on Friday. However the main bias remains to the downside. Immediate resistance is seen at 93.00 followed by 93.60. Initial support at 92.50. A break to the downside from that support level could trigger further bearish momentum towards 91.60 area. CCI just cross 100 line down on hourly chart suggesting a potential downside pressures.
USDJPY Daily Supports and Resistances:
- S1= 91.82
- S2= 90.82
- S3= 90.05
- R1= 93.59
- R2= 94.36
- R3= 95.36
USDCHF Outlook
After corrected lower on Thursday, the USDCHF continued it’s bullish scenario on Friday. The pair topped at 1.2248 and closed at 1.2201. The bias remains on the upside. However, CCI already in overbought area and heading down on 4h chart suggesting a potential downside pressures testing 1.2125 and 1.2050 support area. Initial resistance at 1.2248 (Friday’s high).
USDCHF Daily Supports and Resistances:
- S1= 1.2016
- S2= 1.1832
- S3= 1.1716
- R1= 1.2316
- R2= 1.2432
- R3= 1.2616
Have a great day!
Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis, Market Trend, money trading, Moving Average
