Mon, 22th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
After break the rectangle formation to the downside on hourly chart, the EURUSD had a bearish momentum on Friday. The pair bottomed at 1.3826 and closed at 1.3907. We had a bearish price channel on hourly chart. However early today in Asian session the bearish channel has been violated to the upside. The bias is neutral in nearest term but we are still intact with bearish outlook in medium term targeting 1.3750 area. CCI just cross the -100 line up on 4h chart suggesting a potential upside pressures testing 1.4050 and 1.4182 resistance area.
EURUSD Daily Supports and Resistances:
- S1= 1.3719
- S2= 1.3531
- S3= 1.3236
- R1= 1.4202
- R2= 1.4497
- R3= 1.4685
GBPUSD Outlook
The GBPUSD continued it’s bearish scenario on Friday. The pair bottomed at 1.4810 but closed higher at 1.4927. The bias remains bearish in longer term targeting 1.4550. However CCI about to cross -100 line up on 4h chart suggesting a potential upside pressures testing 1.5040 and 1.5190 resistance area. Immediate support is seen at 1.4750.
GBPUSD Daily Supports and Resistances:
- S1= 1.4762
- S2= 1.4598
- S3= 1.4386
- R1= 1.5138
- R2= 1.5350
- R3= 1.5514
USDJPY Outlook
The USDJPY didn’t make significant movement yesterday. On hourly chart we can see that the pair moves in ranging area between 90.00 and 88.40. I am expecting to another choppy market today. The bias bearish in nearest term but neutral in longer term. CCI in overbought area and heading down on hourly chart suggesting a potential downside pressures.
USDJPY Daily Supports and Resistances:
- S1= 88.54
- S2= 87.77
- S3= 87.12
- R1= 89.96
- R2= 90.61
- R3= 91.38
USDCHF Outlook
The Hammer candlestick formation on daily chart that I showed on Thursday gave us a valid bullish reversal warning. The pair topped at 1.1130 and closed at 1.1035. The bias remains bullish targeting 1.1331. Immediate support is seen at 1.0950 followed by 1.0850. CCI in neutral area both on hourly and 4h chart.
USDCHF Daily Supports and Resistances:
- S1= 1.0806
- S2= 1.0578
- S3= 1.0416
- R1= 1.1196
- R2= 1.1358
- R3= 1.1586
Have a great day!
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading, World Market
