Tue, 13th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD continued it’s bearish momentum yesterday. The pair bottomed at 1.3289 but failed to closed below the key level 1.3300. I am expecting another downside pressures today. The scenario remains the same. A consistent move below 1.3300 area could lead to further weakness for the Euro towards 1.3150 and 1.2970 area. Immediate resistance is seen at 1.3465. CCI just cross -100 line down on hourly chart suggesting a potential downside pressures.
EURUSD Daily Supports and Resistances:
- S1= 1.3280
- S2= 1.3198
- S3= 1.3107
- R1= 1.3453
- R2= 1.3544
- R3= 1.3626
GBPUSD Outlook
As I had expected, the GBPUSD also continued it’s bearish momentum yesterday. The pair bottomed at 1.4802 and closed at 1.4814. The bias remains bearish. A break below key level 1.4750 could trigger further bearish momentum targeting 1.4550 area. Immediate resistance is seen at 1.4845 followed by 1.4895. CCI just cross -100 line down on hourly chart suggesting a potential downside pressures.
GBPUSD Daily Supports and Resistances:
- S1= 1.4706
- S2= 1.4598
- S3= 1.4394
- R1= 1.5018
- R2= 1.5222
- R3= 1.5330
USDJPY Outlook
As I had expected, the USDJPY made another bearish momentum on yesterday. The pair hit my short target at 89.00, bottomed at 88.88 and closed at 89.34. The bias remains bearish targeting 88.05 area. CCI in oversold area and heading up on 4h chart so watch out for a potential minor upside pressures testing 89.60 and 90.00 resistance area. Initial support at 88.90.
USDJPY Daily Supports and Resistances:
- S1= 88.73
- S2= 88.12
- S3= 87.37
- R1= 90.09
- R2= 90.84
- R3= 91.45
USDCHF Outlook
The USDCHF didn’t make a significant movement yesterday. The bullish power seems very limited now and 1.1276 level could be a potential strong resistance at this phase. However the bullish scenario still intact and I am expecting another bullish attempt today. Immediate support is seen at 1.1100 followed by 1.1000.
USDCHF Daily Supports and Resistances:
- S1= 1.1079
- S2= 1.1015
- S3= 1.0934
- R1= 1.1224
- R2= 1.1305
- R3= 1.1369
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading, World Market
