Thu, 18th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
As I had expected, yesterday the EURUSD continued it’s bullish momentum. On my daily chart with the Fibonacci retracement projections, we can see how the current strong bullish momentum can easily break all resistance levels. The pair is now chasing 1.4609 as the next bullish target. CCI just cross the 100 line down on hourly chart suggesting a potential minor downside pressures testing 1.4350 and 1.4280 support levels.
EURUSD Daily Supports and Resistances:
- S1= 1.4127
- S2= 1.3853
- S3= 1.3698
- R1= 1.4556
- R2= 1.4711
- R3= 1.4985
GBPUSD Outlook
Yesterday the GBPUSD further bullish momentum was rejected. The pair attempted to push higher, topped at 1.5722 but whipsawed to the downside, bottomed at 1.5247 and closed higher at 1.5514. The bias should remains very bullish. On 4h chart, 1.5506 resistance seem to be an important level at this phase. A consistent movement above that level would trigger further bullish momentum. A cross of the CCI 100 line up on 4h chart should support the bullish view and could provide us with good long trade opportunities.
GBPUSD Daily Supports and Resistances:
- S1= 1.5266
- S2= 1.5019
- S3= 1.4791
- R1= 1.5741
- R2= 1.5969
- R3= 1.6216
USDJPY Outlook
After break the double bottom formation on hourly chart, yesterday the USDJPY continued it’s bearish momentum. The pair bottomed at 87.13 and closed at 87.33. The bias remains very bearish targeting 86.15 area. CCI just cross -100 line up on hourly chart suggesting a potential minor upside pressures testing 88.11 and 88.60 resistance levels.
USDJPY Daily Supports and Resistances:
- S1= 86.57
- S2= 85.81
- S3= 84.49
- R1= 88.65
- R2= 89.97
- R3= 90.73
USDCHF Outlook
The USDCHF continued it’s bearish momentum yesterday. The pair hit my bearish target at 1.0898 even further, bottomed at 1.0712. On daily chart, looks like we have a double bottom formation at 1.0690 level, the huge downside pressures we have seen lately could break the formation easily. Once the formation break to the downside, the pair will strongly gain further bearish momentum targeting 1.0016 area. CCI just cross the -100 line up on hourly chart suggesting a minor upside pressures testing 1.0816 and 1.0898 resistance levels.
USDCHF Daily Supports and Resistances:
- S1= 1.0550
- S2= 1.0365
- S3= 1.0019
- R1= 1.1081
- R2= 1.1427
- R3= 1.1612
Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis, Market Trend, money trading
