Wed, 07th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
As I had expected, EURUSD made another bearish momentum yesterday. The pair hit my short target at 1.3380 even further, bottomed at 1.3313 but closed higher at 1.3498. We have another descending triangle both on hourly 4h chart supporting the bearish scenario targeting 1.3250 and 1.3125 area. A break below 1.3300 could also be considered as a breakdown of the descending triangle and could trigger further bearish momentum. CCI just cross -100 line up on 4h chart so watch out for a minor upside correctional move testing 1.3550 and 1.3625 resistance area.
EURUSD Daily Supports and Resistances:
- S1= 1.3321
- S2= 1.3144
- S3= 1.2976
- R1= 1.3666
- R2= 1.3834
- R3= 1.4011
GBPUSD Outlook
After breakout from the rectangle formation yesterday, the GBPUSD made another bullish movement. The pair topped at 1.4992 and closed at 1.4907. The bias is bullish in nearest term testing 1.5250 resistance area but neutral in longer term. A break above 1.5000 psychological level could trigger further bullish momentum. CCI just cross 100 line down on hourly chart suggesting a potential downside pressures testing 1.4750 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4610
- S2= 1.4314
- S3= 1.4123
- R1= 1.5097
- R2= 1.5288
- R3= 1.5584
USDJPY Outlook
The USDJPY attempted to push higher yesterday, topped at 94.61 but further bullish momentum was rejected as the pair whipsawed to the downside and closed lower at 93.43. The bias remains bullish. Initial resistance at 94.61 (yesterday’s high). A break above that level could trigger further bullish scenario towards 95.40 area. CCI in overbought area on 4h chart suggesting a potential downside pressures testing 93.20 and 92.83 support area.
USDJPY Daily Supports and Resistances:
- S1= 92.64
- S2= 91.85
- S3= 90.87
- R1= 94.41
- R2= 95.39
- R3= 96.18
USDCHF Outlook
The USDCHF made a limited bullish movement yesterday. After break the 1.1122 resistance, the pair attempted to push higher, topped at 1.1277 but closed lower at 1.1162. The bias should remains bullish and still targeting 1.1410. CCI just cross 100 line down on 4h chart so watch out for a potential downside corrective pressures testing 1.1122 and 1.0950 support area.
USDCHF Daily Supports and Resistances:
- S1= 1.1063
- S2= 1.0965
- S3= 1.0858
- R1= 1.1268
- R2= 1.1375
- R3= 1.1473
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, World Market
