Mon, 15th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD didn’t make a significant movement Friday. The pair seemed to moved in ranging market between 1.3410 and 1.3250 suggesting that then pair was in consolidation phase. However early today in Asian session the pair broke the rectangle formation to the upside traded around 1.3455 at the time I wrote this comment so I think technically the bias remains bullish. Immediate support is seen at 1.3375. Initial resistance at 1.3530. CCI in overbought area on hourly chart so watch out for a minor downside pressures.
EURUSD Daily Supports and Resistances:
- S1= 1.3274
- S2= 1.3180
- S3= 1.3110
- R1= 1.3438
- R2= 1.3508
- R3= 1.3602
GBPUSD Outlook
The GBPUSD was corrected lower on Friday. The pair bottomed at 1.4816 but closed higher at 1.4944. We still have a valid bullish channel on 4h chart. The bias remains bullish. CCI heading up towards 100 line on 4h chart suggesting a potential upside pressures. Immediate support is seen at 1.4950. Initial resistance at 1.5125.
GBPUSD Daily Supports and Resistances:
- S1= 1.4802
- S2= 1.4660
- S3= 1.4505
- R1= 1.5099
- R2= 1.5254
- R3= 1.5396
USDJPY Outlook
The USDJPY attempted to push lower on Friday. The pair bottomed at 88.60 but further bearish scenario was rejected as the pair closed higher at 91.17. We have a Hammer candlestick formation on daily chart suggesting a potential bullish reversal might occurs in near future. CCI in oversold area and heading up on daily chart suggesting a potential upside pressures. Immediate support is seen at 90.50. Initial resistance at 91.80 followed by 92.50.
USDJPY Daily Supports and Resistances:
- S1= 89.23
- S2= 87.29
- S3= 85.98
- R1= 92.48
- R2= 93.79
- R3= 95.73
USDCHF Outlook
The USDCHF continued it’s bearish scenario on Friday. The pair bottomed at 1.1739 and closed at 1.1768. The bias remains to the downside. The key support level at 1.1760 already break to the downside so like I said on Friday, the pair is now targeting 1.1425. Immediate resistance is seen at 1.1760. Initial support at 1.1675 followed by 1.1590. CCI in oversold area on hourly chart so watch out for a minor upside pressures.
USDCHF Daily Supports and Resistances:
- S1= 1.1716
- S2= 1.1665
- S3= 1.1591
- R1= 1.1841
- R2= 1.1915
- R3= 1.1966
Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis, Market Trend, World Market
