Mon, 12th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD failed to maintain it’s bullish correction momentum on Friday. The pair bottomed at 1.3414 and closed at 1.3472. The minor bullish channel on hourly chart has been violated to the downside. On bigger picture, the descending triangle scenario is still valid and the bias remains bearish. A break below key level 1.3300 should trigger further bearish scenario towards 1.2970 area. CCI just cross -100 line up on hourly chart so watch out for a minor upside pressures testing 1.3530 resistance area. Daily CCI just cross -100 line down suggesting a potential bearish view.
EURUSD Daily Supports and Resistances:
- S1= 1.3340
- S2= 1.3209
- S3= 1.3004
- R1= 1.3676
- R2= 1.3881
- R3= 1.4012
GBPUSD Outlook
After had a strong bullish momentum in the last 4 days, the GBPUSD was traded lower on Friday. We can see this fact through 2 different perspective. First, the bearish momentum on Friday is seen as a normal rebound before the pair ready to make another bullish move. Second (from a bigger view on 4h chart), the pair now has reach the end of bullish correction scenario and ready to continue the bearish scenario. Since the trend line resistance did a good job preventing the pair to rally further and the minor bullish channel has been violated to the downside, I prefer the second scenario targeting 1.4750 in nearest term. CCI in oversold area and heading up on hourly chart suggesting a potential upside pressures testing 1.5125 – 1.5175 resistance area.
GBPUSD Daily Supports and Resistances:
- S1= 1.5070
- S2= 1.4978
- S3= 1.4839
- R1= 1.5301
- R2= 1.5440
- R3= 1.5532
USDJPY Outlook
As I had expected, the USDJPY made another bearish momentum on Friday. The pair bottomed at 90.15 and closed at 90.38. We have a bearish channel on hourly chart. The bias remains bearish targeting 89.00 in nearest term. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressures testing 90.60 resistance area.
USDJPY Daily Supports and Resistances:
- S1= 89.80
- S2= 89.23
- S3= 88.31
- R1= 91.2
- R2= 92.21
- R3= 92.78
USDCHF Outlook
After had significant bearish correction momentum for the last 2 days, the USDCHF seems to ready to continue the bullish scenario which is started from 29/12/2008 after we saw a hammer candlestick formation indicating a potential bullish reversal scenario. The bias is bullish targeting 1.1420 area in nearest term. Key level at this phase is 1.1276. A break above that level could trigger further bullish momentum. Initial support at 1.1100 followed by 1.1050. CCI just cross 100 line up on 4h chart suggesting a potential bullish view.
USDCHF Daily Supports and Resistances:
- S1= 1.0954
- S2= 1.0771
- S3= 1.0655
- R1= 1.1253
- R2= 1.1369
- R3= 1.1552
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading, World Market
