Tue, 23th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push higher yesterday, topped at 1.4124 but further bullish momentum was rejected as the pair closed lower at 1.3940, formed a Doji candlestick formation on daily chart. On hourly chart we can see that the pair moved in rectangle formation which is a consolidation/continuation pattern. The bias is bearish. A break below 1.3903 level could also be considered as a break of the rectangle formation, could trigger further bearish momentum targeting 1.3750 and 1.3575 area. Immediate resistance is seen at 1.4050 followed by 1.4124 (yesterday’s high). CCI just cross 100 line down on daily chart suggesting a potential downside pressures.
EURUSD Daily Supports and Resistances:
- S1= 1.3854
- S2= 1.3768
- S3= 1.3633
- R1= 1.4075
- R2= 1.4210
- R3= 1.4296
GBPUSD Outlook
The GBPUSD continued it’s bearish scenario yesterday. The pair bottomed at 1.4686 and closed at 1.4820. The bias remains bearish and still targeting 1.4550 area. On daily chart we can see that the pair is moving in rectangle formation, which is a consolidation/continuation of the current bearish outlook. A break below 1.4685 could also be considered as a break of the rectangle formation could trigger further bearish momentum. CCI just cross -100 line up on 4h chart suggesting a potential minor upside pressures testing 1.4950 resistance area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4674
- S2= 1.4528
- S3= 1.4370
- R1= 1.4978
- R2= 1.5136
- R3= 1.5282
USDJPY Outlook
The USDJPY was traded higher yesterday. The pair topped at 90.49 and closed at 90.23. We have a bullish price channel on hourly chart and a rectangle formation. CCI just cross -100 line up on daily chart. These facts should support the bullish scenario in nearest term. CCI in overbought area and about to cross 100 line down on hourly chart suggesting a potential downside pullback testing 89.50 support level. Initial resistance at 90.49 (yesterday’s high). A break above that level could trigger further bullish momentum towards 91.90 area.
USDJPY Daily Supports and Resistances:
- S1= 89.49
- S2= 88.75
- S3= 88.25
- R1= 90.73
- R2= 91.23
- R3= 91.97
USDCHF Outlook
Further bullish scenario was rejected yesterday. The pair bottomed at 1.0880 and closed at 1.0923. The bullish channel on hourly chart is violated to the downside and the pair is making a rectangle formation, traded between 1.1026 and 1.0880 ranging area. The bias is neutral in nearest term, but still bullish in longer term. A break from the rectangle formation should give us a clearer direction. CCI in neutral area both on hourly and 4h chart.
USDCHF Daily Supports and Resistances:
- S1= 1.0854
- S2= 1.0785
- S3= 1.0690
- R1= 1.1018
- R2= 1.1113
- R3= 1.1182
Have a great day!
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, World Market
