Tue, 16th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
As I had expected, after break the rectangle formation on hourly chart, yesterday EURUSD had a significant bullish momentum. The pair topped at 1.3726 and closed at 1.3702. From a bigger view the pair should now will test the next resistance at 1.3750 area (38.2% Fibonacci Retracement from 1.6038 to 1.2330). A break above that level could trigger further bullish scenario towards 1.4182 area. The bias remains bullish. CCI just cross 100 line down on hourly chart suggesting a potential downside pullback testing 1.3638 and 1.3558 support levels.
EURUSD Daily Supports and Resistances:
- S1= 1.3486
- S2= 1.3270
- S3= 1.3150
- R1= 1.3822
- R2= 1.3942
- R3= 1.4158
GBPUSD Outlook
The GBPUSD also continued it’s bullish momentum yesterday. The pair topped at 1.5376 and closed at 1.5311. The bias remains to the upside targeting 1.5540 area. However CCI in overbought area and heading down on 4h chart suggesting a potential downside pressures testing 1.5204 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.5028
- S2= 1.4746
- S3= 1.4572
- R1= 1.5484
- R2= 1.5658
- R3= 1.5940
USDJPY Outlook
The USDJPY continued it’s bearish scenario yesterday. The pair bottomed at 90.24 and closed at 90.59. We have a valid bearish channel in all three time frames (hourly, 4h, daily). The bias remains bearish targeting 88.60 area again. Immediate resistance is seen at 91.60. CCI heading down towards -100 line on hourly chart suggesting a potential bearish pressures.
USDJPY Daily Supports and Resistances:
- S1= 90.10
- S2= 89.62
- S3= 89.00
- R1= 91.20
- R2= 91.82
- R3= 92.30
USDCHF Outlook
As I had expected, after break below 1.1760 the USDCHF continued it’s bearish scenario yesterday. The pair bottomed at 1.1560 and closed at 1.1576. The bias remains bearish targeting 1.1425 area. Immediate resistance is seen at 1.1632 area. CCI just cross -100 line up on hourly chart so watch out for a minor bullish pressures.
USDCHF Daily Supports and Resistances:
- S1= 1.1508
- S2= 1.1441
- S3= 1.1322
- R1= 1.1694
- R2= 1.1813
- R3= 1.1880
Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis
