Wed, 17th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD continued it’s bullish scenario yesterday. The pair topped at 1.4147 and closed at 1.4048. The bias remains very bullish targeting 1.4182 (50% Fibonacci retracement 1.6038 – 1.2330). A break above that level would trigger further bullish scenario towards 1.4609 area. CCI about to cross 100 line down on hourly chart suggesting a potential minor downside pullback testing 1.3957 and 1.3890 support levels.
EURUSD Daily Supports and Resistances:
- S1= 1.3736
- S2= 1.3424
- S3= 1.3219
- R1= 1.4253
- R2= 1.4458
- R3= 1.4770
GBPUSD Outlook
As I had expected, the GBPUSD also continued it’s bullish momentum yesterday. The pair hit my long target at 1.5540 even further, topped at 1.5647. The bias remains very bullish targeting 1.5885. CCI about to cross 100 line down on hourly chart suggesting a potential minor downside pullback testing 1.5540 and 1.5480 support levels.
GBPUSD Daily Supports and Resistances:
- S1= 1.5305
- S2= 1.5033
- S3= 1.4862
- R1= 1.5748
- R2= 1.5919
- R3= 1.6191
USDJPY Outlook
The USDJPY continued it’s bearish scenario yesterday. The pair bottomed at 88.63 (double bottom with Monday’s low) and closed at 88.98. The double bottom formation might be a strong support but the pressures is still to the downside. CCI just cross -100 line up on hourly chart suggesting a potential upside risks testing 89.42 and 90.00 resistance levels. A break below 88.60 area would trigger further bearish scenario towards 86.15 area.
USDJPY Daily Supports and Resistances:
- S1= 88.16
- S2= 87.35
- S3= 86.07
- R1= 90.25
- R2= 91.53
- R3= 92.34
USDCHF Outlook
As I had expected, the USDCHF continued it’s bearish momentum yesterday. The pair hit my bearish target at 1.1425 even much further bottomed at 1.1142 and closed at 1.1192. The bias remains very bearish. The key level at this phase is 1.1155 area. A consistent movement below that level would trigger further bearish scenario towards 1.0898 area. CCI about to cross -100 line up on hourly chart suggesting a potential minor upside pressures testing 1.1250 support area.
USDCHF Daily Supports and Resistances:
- S1= 1.1027
- S2= 1.0863
- S3= 1.0584
- R1= 1.1470
- R2= 1.1749
- R3= 1.1913
Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis, Market Trend, World Market
