Wed, 21th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD continued it’s bearish scenario yesterday. The pair bottomed at 1.2855 and closed at 1.2859. On 4h chart we can see that after breakdown the descending triangle pattern to the downside, the pair had a significant bearish momentum. The bias remains bearish and still targeting 1.2750. A break below that level could trigger another bearish scenario targeting 1.2550 area. CCI just cross the -100 line up on hourly chart so watch out for a minor upside correction testing 1.2920 and 1.3000 resistance area.
EURUSD Daily Supports and Resistances:
- S1= 1.2774
- S2= 1.2689
- S3= 1.2524
- R1= 1.3024
- R2= 1.3189
- R3= 1.3274
GBPUSD Outlook
As I had expected, the GBPUSD had another bearish momentum yesterday. The pair hit my short target at 1.4080 even further, bottomed at 1.3829 and closed at 1.3871. On daily chart we can see that the pair break the descending triangle pattern to the downside indicating a significant weakness for the Cable. The bias remains bearish targeting 1.3700 area. CCI in oversold area and heading up on 4h chart so watch out for a minor upside correction testing 1.3975 and 1.4050 area.
GBPUSD Daily Supports and Resistances:
- S1= 1.3652
- S2= 1.3433
- S3= 1.3038
- R1= 1.4266
- R2= 1.4661
- R3= 1.4880
USDJPY Outlook
After breakdown from the rectangle pattern, the USDJPY made another bearish momentum yesterday. The pair bottomed at 89.67 and closed at 89.72. The bias remains bearish targeting 88.90 area. CCI just cross the -100 line up on hourly chart so watch out for a minor upside correction testing 90.15 and 90.60 resistance area.
USDJPY Daily Supports and Resistances:
- S1= 89.27
- S2= 88.82
- S3= 87.98
- R1= 90.56
- R2= 91.40
- R3= 91.85
USDCHF Outlook
The USDCHF made another bullish momentum yesterday. The pair topped at 1.1517 and closed at 1.1494. The bias remains bullish targeting 1.1650 area. Only a break below 1.1250 could be a potential violation to the current bullish outlook. Immediate support is seen at 1.1350 area. CCI in overbought area and heading down on 4h chart so watch out for a minor downside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1367
- S2= 1.1240
- S3= 1.1165
- R1= 1.1569
- R2= 1.1644
- R3= 1.1771
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading, World Market
