Thu, 08th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD was corrected upside yesterday. The pair topped at 1.3746 and closed at 1.3655. The bullish momentum was significant but any upside correction after the pair hit important support level around 1.3300 area (1.3313 on Tuesday) is not a surprise for me. The bias is neutral in nearest term, but I believe the bearish scenario is still intact in longer term. Only a move above 1.3850-1.3900 area could be considered as a potential violation to the bearish scenario. Immediate support is seen at 1.3550. A break below that support level could trigger further bearish momentum testing 1.3300 area once again. CCI in neutral area on 4h chart.
EURUSD Daily Supports and Resistances:
- S1= 1.3476
- S2= 1.3297
- S3= 1.3162
- R1= 1.3790
- R2= 1.3925
- R3= 1.4104
GBPUSD Outlook
After break the psychological resistance at 1.5000, yesterday the GBPUSD made a significant bullish momentum, topped at 1.5278 but further bullish scenario was rejected as the pair quickly dropped and closed at 1.5127 and already lower at 1.5050 early today in Asian session. A breakdown below 1.5000 could trigger further bearish momentum and could be an early phase of the ending of current bullish short term trend (correction). CCI In overbought area and about to cross 100 line down on 4h chart suggesting a potential downside pressures.
GBPUSD Daily Supports and Resistances:
- S1= 1.4862
- S2= 1.4597
- S3= 1.4389
- R1= 1.5335
- R2= 1.5543
- R3= 1.5808
USDJPY Outlook
The USDJPY was corrected lower yesterday. The pair bottomed at 92.33 and closed at 92.55. From daily chart point of view the pair failed to breakout from strong resistance at 94.60 area. This facts could be an ending of the current short term bullish correction momentum. CCI in overbought area and about to cross 100 line down on daily chart suggesting a potential bearish pressures. Initial support is seen at 91.60. A break below that support level could trigger further bearish scenario back towards 90.00 area. Immediate resistance is seen at 93.40.
USDJPY Daily Supports and Resistances:
- S1= 91.87
- S2= 91.20
- S3= 90.07
- R1= 93.67
- R2= 94.80
- R3= 95.47
USDCHF Outlook
The USDCHF was corrected lower yesterday. The pair bottomed at 1.0867 but closed higher at 1.1010. We still have a bullish channel on 4h chart and so far the channel support line did a good job preventing the pair from further bearish momentum. The bias remains bullish and still targeting 1.1410. Immediate support is seen at 1.0950.
USDCHF Daily Supports and Resistances:
- S1= 1.0849
- S2= 1.0688
- S3= 1.0510
- R1= 1.1188
- R2= 1.1366
- R3= 1.1527
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, World Market
