On-Line Forex Trading Tips

Mon, 29th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD bearish channel on 4h chart has been violated to the upside. On another point of view, the pair also broke the rectangle pattern (ranging market 1.3830 - 1.4125) to the upside. The bias is on the upside in nearest term. A consistent movement above 1.4125 area could trigger further bullish momentum testing 1.4300 resistance level. Immediate support is seen at 1.4100 followed by 1.4050. CCI in overbought area on 4h chart but movement below 100 line is rejected suggesting a potential bullish momentum continuation.

EURUSD Daily Supports and Resistances:

• S1= 1.4025
• S2= 1.3990
• S3= 1.3944
• R1= 1.4106
• R2= 1.4152
• R3= 1.4187

GBPUSD Outlook

The GBPUSD continued it’s bearish momentum on Friday. The pair bottomed at 1.4650 and closed at 1.4652. We still have bearish price channel on hourly chart. The bias remains bearish. Only a violation of the bearish channel would be a violation to the current bearish scenario. Immediate resistance is seen at 1.4730. A break above that level would change the bias into neutral area. CCI in neutral area on hourly chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.4603
• S2= 1.4553
• S3= 1.4456
• R1= 1.4750
• R2= 1.4847
• R3= 1.4897

USDJPY Outlook

The USDJPY didn’t make a significant movement on Friday. On hourly chart we can see that after violated the bullish channel, the pair is moving in a rectangle pattern, which is a consolidation/continuation of the current bullish short term trend. The bias remains to the upside. I am expecting a breakout to the upside of the rectangle formation and targeting 91.60 resistance area. Immediate support is seen at 90.20.

USDJPY Daily Supports and Resistances:

• S1= 90.43
• S2= 90.21
• S3= 90.06
• R1= 90.80
• R2= 90.95
• R3= 91.17

USDCHF Outlook

After breakout to the downside from the descending tringle formation on 4h chart, the USDCHF continued it’s bearish momentum. The bias remains bearish testing 1.0410 area again. Immediate resistance is seen at 1.0687. CCI in oversold area both in hourly and 4h chart suggesting a potential minor upside pressures.

USDCHF Daily Supports and Resistances:

• S1= 1.0641
• S2= 1.0606
• S3= 1.0543
• R1= 1.0739
• R2= 1.0802
• R3= 1.0837

Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading, World Market