Fri, 19th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
Yesterday the EURUSD hit my long target at 1.4609 even further, topped at 1.4719 but further bullish momentum was rejected as the pair whipsawed to the downside, hit the bottom at 1.4186 (50% Fibonacci retracement 1.6038 – 1.2330) and closed at 1.4266. Finally the bullish price momentum paused and the pair might in consolidation phase. Although we are still in bullish scenario in longer term, we might see another downside pullback attempt in nearest term, but short trades position is not recommended at this phase. On hourly chart we have a rectangle formation which is a consolidation pattern (of the nearest term) and the pair move in a narrow area of 1.4320 and 1.4182. A breakout from the rectangle pattern should give us a clearer direction. CCI just cross -100 line up on hourly chart suggesting a potential upside pressures, but in neutral area on 4h chart.
EURUSD Daily Supports and Resistances:
- S1= 1.4061
- S2= 1.3857
- S3= 1.3528
- R1= 1.4594
- R2= 1.4923
- R3= 1.5127
GBPUSD Outlook
Yesterday the GBPUSD failed to continue it’s bullish momentum. The pair bottomed at 1.4896 and closed at 1.5029. On daily chart we have a rectangle formation suggesting that the pair is in consolidation phase in bearish scenario in longer term. However in nearest term the bias is neutral with upside bias. Immediate resistance is seen at 1.5235 followed by 1.5400. Initial support at 1.5000. CCI just cross -100 line up on hourly chart suggesting a potential upside pressures.
GBPUSD Daily Supports and Resistances:
- S1= 1.4744
- S2= 1.4460
- S3= 1.4024
- R1= 1.5464
- R2= 1.5900
- R3= 1.6184
USDJPY Outlook
The USDJPY failed to maintain it’s bearish momentum yesterday. The pair topped at 90.03 and closed at 89.56. We have a new bullish price channel on hourly chart. The bias is neutral in nearest term but still bearish in longer term. Immediate support is seen at 88.90 followed by 88.60. A break below 88.60 could bring the pair into further bearish momentum. Initial resistance at 90.50. CCI just cross 100 line down on hourly chart suggesting a potential downside pressures.
USDJPY Daily Supports and Resistances:
- S1= 87.87
- S2= 86.18
- S3= 85.10
- R1= 90.64
- R2= 91.72
- R3= 93.41
USDCHF Outlook
After break the double bottom formation to the downside, yesterday the USDCHF had a significant bearish momentum. The pair bottomed at 1.0410 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 1.0866 and closed at 1.0816. On daily chart we have Hammer candlestick formation suggesting that we might have a bullish reversal in the near future. This fact is also supported by oversold CCI and heading up on daily time frame. Immediate support is seen at 1.0750 followed by 1.0590.
USDCHF Daily Supports and Resistances:
- S1= 1.0528
- S2= 1.0241
- S3= 1.0072
- R1= 1.0984
- R2= 1.1153
- R3= 1.1440
Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis, money trading, Moving Average
