Tue, 09th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
After break the triangle formation on 4h chart to the upside and 1.2850 key resistance level, the EURUSD gain some bullish momentum yesterday. The pair topped at 1.2966 and closed at 1.2937. Technically this should be a violation to the current bearish scenario. From a bigger view on weekly chart, CCI just cross -100 line up suggesting a potential bullish momentum in this month targeting 1.3288 area. However CCI already in overbought area and heading down on 4h chart suggesting a potential downside pressures testing 1.2850 and 1.2800 support levels (former resistances).
EURUSD Daily Supports and Resistances:
- S1= 1.2778
- S2= 1.2620
- S3= 1.2526
- R1= 1.3030
- R2= 1.3124
- R3= 1.3282
GBPUSD Outlook
The combination of Hammer and Doji candlestick formation that I showed yesterday as a warning of bullish reversal momentum come to reality. The pair topped at 1.5047 but closed lower at 1.4891. From a longer term view, the bias should be in upside bias. However we had some downside pressures early today in Asian session and CCI in overbought area and heading down suggesting a potential bearish movement testing 1.4830 and 1.4690 support levels. Initial resistance at 1.4920 followed by 1.5047 (yesterday’s high). A break above 1.5047 should trigger further bullish momentum towards 1.5250 area. CCI about to cross -100 line up on weekly chart suggesting a potential bullish scenario.
GBPUSD Daily Supports and Resistances:
- S1= 1.4700
- S2= 1.4509
- S3= 1.4336
- R1= 1.5064
- R2= 1.5237
- R3= 1.5428
USDJPY Outlook
The USDJPY seemed to trapped again in ranging market between 93.60 and 92.50 area. I am expecting another choppy market today, but daily CCI just cross -100 line up suggesting a potential bullish view. So a break above 93.60 level might give us some long trade opportunities.
USDJPY Daily Supports and Resistances:
- S1= 92.36
- S2= 91.80
- S3= 91.04
- R1= 93.68
- R2= 94.44
- R3= 95.00
USDCHF Outlook
Following the Euro and Sterling, yesterday the Swiss Franc was traded stronger against Greenback. The pair bottomed at 1.2017 and closed at 1.2048. Although the bullish scenario can not be said over yet in nearest term, weekly CCI in overbought area and heading down suggesting a potential bearish reversal scenario. We also have 2 Hanging Man candlestick formation on weekly chart suggesting a potential warning of a trend reversal. Immediate resistance is seen at 1.2150. Initial support at 1.2017 (yesterday’s low) followed by 1.1950.
USDCHF Daily Supports and Resistances:
- S1= 1.1974
- S2= 1.1900
- S3= 1.1783
- R1= 1.2165
- R2= 1.2282
- R3= 1.2356
Labels: Forex Analysis, Forex Trend, money trading, Moving Average
