Wed, 10th 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 1.2799 but further bearish momentum was rejected as the pair whipsawed to the upside, hit the top at 1.3000 and closed at 1.2924. After break the former triangle formation on 4h the pair is now have a new bullish channel. Although the market seem to have some hesitations lately, the Hammer candlestick formation seen on 4h chart suggesting that we might have another potential bullish momentum in nearest term testing 1.3052 and then 1.3217 area. Immediate support is seen at 1.2895 followed by 1.2800.
EURUSD Daily Supports and Resistances:
- S1= 1.2815
- S2= 1.2706
- S3= 1.2614
- R1= 1.3016
- R2= 1.3108
- R3= 1.3217
GBPUSD Outlook
The GBPUSD failed to maintain it’s bullish momentum yesterday. The pair bottomed at 1.4679 and closed at 1.4755. We have a triangle formation on 4h chart suggesting that the pair is in consolidation phase. I would like to remind us about the Hammer and Doji candlestick formation appeared on 12/04/2008 (Thursday) and 12/05/2008 (Friday) on daily chart should still be a warning of a potential bullish reversal. A break from the triangle formation could provide us some trade opportunities. Immediate support is seen at 1.4679 (yesterday’s low). Initial resistance at 1.4830. A break above that level could trigger further bullish momentum towards 1.5050 area. CCI in neutral area on 4h chart.
GBPUSD Daily Supports and Resistances:
- S1= 1.4656
- S2= 1.4558
- S3= 1.4437
- R1= 1.4875
- R2= 1.4996
- R3= 1.5094
USDJPY Outlook
The USDJPY was traded lower yesterday. The pair break to the downside from ranging area (93.60-92.50), bottomed at 91.93 and closed at 92.30. However there are some upside pressures early today in Asian session as the pair was traded higher around 92.50 at the time I wrote this comment. We have a bearish channel on 4h chart, but CCI just cross -100 line up both on 4h and daily chart suggesting a potential upside pressures. Immediate support is seen at 91.93 (yesterday’s low). Initial resistance at 92.75. A break above that level could trigger further bullish momentum towards 93.50 area.
USDJPY Daily Supports and Resistances:
- S1= 91.80
- S2= 91.30
- S3= 90.68
- R1= 92.92
- R2= 93.54
- R3= 94.04
USDCHF Outlook
The USDCHF made indecisive movement yesterday by opened and closed at almost the same price (1.2049 and 1.2051). We have a longer bearish candlestick following 2 Hanging Man formation on weekly chart suggesting a potential bearish reversal scenario. This fact is also supported by weekly CCI in overbought area and heading down on weekly chart. The bias is on the downside. Immediate resistance is seen at 1.2080 followed by 1.2150. Initial support at 1.2000. A break below that level could trigger further bearish momentum towards 1.1820 area.
USDCHF Daily Supports and Resistances:
- S1= 1.1979
- S2= 1.1908
- S3= 1.1810
- R1= 1.2148
- R2= 1.2246
- R3= 1.2317
Labels: Forex Analysis, Forex Trend, FX Instructor, money trading, Moving Average
