Fri, 09th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD made another bullish momentum yesterday. The pair topped at 1.3795 and closed at 1.3703. Although technically the bullish momentum seem strong enough right now, the bearish scenario in longer term can not be said over as long as the pair stay below 1.3850 – 1.3900 area. I think it’s better to stay away at this phase. Be patient. Immediate support is seen at 1.3533. CCI in overbought area and about to cross 100 line down on 4h chart suggesting a potential downside pressures. Eyes on US NFP data today. A worse than expected number could trigger a massive bullish momentum.
EURUSD Daily Supports and Resistances:
- S1= 1.355
- S2= 1.3415
- S3= 1.3297
- R1= 1.3821
- R2= 1.3939
- R3= 1.4083
GBPUSD Outlook
Driven by a 50bp interest rate cut by BoE yesterday (1.5%), the GBPUSD rallied strongly topped at 1.5372 and closed at 1.5228. Although the current short bullish momentum is very significant, technically, it’s too early to say that the bearish scenario in longer term is over. No new trading position should be made at this phase. Be patient. The key level at this phase is 1.5350. Break above that level could be a potential violation to the bearish outlook. Immediate support is seen at 1.5130 followed by 1.5050. CCI in overbought area and about to cross 100 line down on 4h chart suggesting a potential downside pressures. Eyes on US NFP data today. A worse than expected number could trigger a massive bullish momentum.
GBPUSD Daily Supports and Resistances:
- S1= 1.5016
- S2= 1.4805
- S3= 1.4627
- R1= 1.5405
- R2= 1.5583
- R3= 1.5794
USDJPY Outlook
As I had expected, the USDJPY made another bearish momentum yesterday. The pair bottomed at 90.84 and closed at 91.21. On hourly chart we can see that after breakdown from trend line support the pair had a nice bearish momentum. The bias remains bearish. However we seem to have a double bottomed support at 90.80. A break below that double bottomed formation could trigger further bearish scenario towards 90.00 area. CCI in oversold area and heading up suggesting a potential upside pressures.
USDJPY Daily Supports and Resistances:
- S1= 90.39
- S2= 89.58
- S3= 88.32
- R1= 92.46
- R2= 93.72
- R3= 94.53
USDCHF Outlook
The USDCHF continued it’s bearish momentum yesterday. The pair broke the bullish channel on 4h chart to the downside and the pair is making a new bearish channel. The bias is mixed with no trading zone. Immediate support is seen at 1.0860. Initial resistance at 1.1050. CCI just cross -100 line up on 4h chart suggesting a potential upside pressures. Eyes on US NFP data today. A worse than expected number could trigger a massive bearish momentum.
USDCHF Daily Supports and Resistances:
- S1= 1.0839
- S2= 1.0745
- S3= 1.0624
- R1= 1.1054
- R2= 1.1175
- R3= 1.1269
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading, World Market
