Thu, 22th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD was corrected higher yesterday. The pair attempted to push lower, bottomed at 1.2824 but further bearish momentum was rejected as the pair whipsawed to the upside, hit the top at 1.3085 and closed at 1.3066. The bias is neutral in nearest term but still bearish in longer term. Long trade positions is not recommended as the major bearish scenario still intact. Be patient at this phase. On hourly chart we can see there were 3 minor bullish correction in the current bearish major trend and now the pair might be in another bullish minor correction (4). Only a move above 1.3150-70 area could be a potential violation to the major bearish scenario at this phase. Immediate support is seen at 1.2920. A break below that support level could trigger further bearish momentum. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2898
- S2= 1.2730
- S3= 1.2637
- R1= 1.3159
- R2= 1.3252
- R3= 1.3420
GBPUSD Outlook
The GBPUSD also corrected higher yesterday. The pair attempted to push lower, bottomed at 1.3621 but closed higher at 1.4021. However the pair was traded lower again early today in Asian market around 1.3860 at the time I wrote this comment. The bias remains bearish targeting 1.3700 area. On bigger point of view on weekly chart we have long bearish candlestick and CCI about to cross -100 line down indicating a potential downside pressure. Immediate resistance at 1.4050.
GBPUSD Daily Supports and Resistances:
- S1= 1.3753
- S2= 1.3485
- S3= 1.3349
- R1= 1.4157
- R2= 1.4293
- R3= 1.4561
USDJPY Outlook
As I had expected, the USDJPY made a significant bearish momentum yesterday. The pair hit my short target at 88.90 even further, bottomed at 87.12 but closed higher at 89.37. Early today in Asian session the pair continued it’s bearish scenario, traded around 88.80 at the time I wrote this comment. The bias remains bearish targeting 86.15 area. CCI in oversold area and heading up on 4h chart so watch out for a minor upside pressure testing 89.50 and 90.15 resistance area.
USDJPY Daily Supports and Resistances:
- S1= 87.61
- S2= 85.85
- S3= 84.58
- R1= 90.64
- R2= 91.91
- R3= 93.67
USDCHF Outlook
The USDCHF made indecisive movement yesterday, formed a Doji candlestick formation on daily chart. The pair topped at 1.1614 but closed lower at 1.1510. The bias should remains bullish. Immediate resistance at 1.1650. A break above that resistance could trigger further bullish scenario targeting 1.1800 area. CCI in overbought area and heading down on 4h chart so watch out for a potential downside pressure testing 1.1470 and 1.1350 support area.
USDCHF Daily Supports and Resistances:
- S1= 1.1389
- S2= 1.1268
- S3= 1.1156
- R1= 1.1622
- R2= 1.1734
- R3= 1.1855
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading, World Market
