Wed, 24th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD made another indecisive market yesterday, formed another Doji candlestick formation on daily chart, and the pair still trapped in rectangle formation on hourly chart. We are still in consolidation and the bias remains bearish. On daily chart we can see that the pair made 4 lower highs for the last 4 days and CCI just cross 100 line down suggesting a potential bearish view. Immediate resistance is seen at 1.4021 (yesterday’s high) followed by 1.4124. Initial support at 1.3903. A break below that support level also considered as break of the rectangle formation and could trigger further bearish momentum towards 1.3750 and 1.3575 area.
EURUSD Daily Supports and Resistances:
- S1= 1.3886
- S2= 1.3846
- S3= 1.3779
- R1= 1.3993
- R2= 1.4060
- R3= 1.4100
GBPUSD Outlook
The GBPUSD continued it’s soft bearish scenario yesterday. The pair bottomed at 1.4671 and closed at 1.4727. The bias remains bearish. Beside rectangle formation on daily chart, we have a descending triangle formation on hourly chart supporting the bearish view. A break to the downside from the triangle could trigger further bearish movement towards 1.4500-1.4550 area. Immediate resistance is seen at 1.4810 followed by 1.4870. Initial support at 1.4671 (yesterday’s low).
GBPUSD Daily Supports and Resistances:
- S1= 1.4633
- S2= 1.4539
- S3= 1.4407
- R1= 1.4859
- R2= 1.4991
- R3= 1.5085
USDJPY Outlook
As I had expected, the USDJPY was traded higher yesterday. After break the rectangle formation to the upside, the pair topped at 90.98 and closed at 90.89. The bias remains to the upside. However CCI just cross 100 line down on hourly chart suggesting a potential downside pressures testing 90.50 and 89.90 support area. Immediate resistance is seen at 91.30 followed by 91.90.
USDJPY Daily Supports and Resistances:
- S1= 90.19
- S2= 89.49
- S3= 89.10
- R1= 91.28
- R2= 91.67
- R3= 92.37
USDCHF Outlook
The USDCHF continued it’s soft bearish momentum yesterday. On 4h chart we have a descending triangle formation suggesting a bearish view in nearest term. Immediate support is seen at 1.0815. A break below that level could trigger further bearish momentum. Initial resistance at 1.0945 (yesterday’s high). CCI in neutral area and heading down both on hourly and 4h chart suggesting a potential bearish pressures.
USDCHF Daily Supports and Resistances:
- S1= 1.0827
- S2= 1.0770
- S3= 1.0711
- R1= 1.0943
- R2= 1.1002
- R3= 1.1059
Merry Christmas and have a great holiday!
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, World Market
