Mon, 26th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push lower on Friday, bottomed at 1.2764 but further bearish momentum was rejected as the pair closed more than 200 pips higher at 1.2973. Although we are still in major bearish scenario, we have 2 Hammer candlestick formation on daily chart indicating a potential exhausted bearish power and a warning of bullish reversal. However, long trade position is not recommended. The bias is neutral in nearest term. Immediate support is seen at 1.2850 followed by 1.2750. Initial resistance at 1.3000 followed by 1.3150. CCI about to cross the -100 line up on daily chart suggesting a potential upside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2813
- S2= 1.2654
- S3= 1.2544
- R1= 1.3082
- R2= 1.3192
- R3= 1.3351
GBPUSD Outlook
Similar with EURUSD, the GBPUSD attempted to push lower on Friday, bottomed at 1.3503 but closed higher at 1.3799. We also have 2 Hammer candlestick formation on daily chart indicating a potential exhausted bearish power and a warning of bullish reversal. However, long trade position is not recommended. The bias is neutral in nearest term but major trend remains bearish. Immediate support is seen at 1.3503 (Friday’s low). Initial resistance at 1.3750. A break above that level could trigger further bullish correction towards 1.3900 area. CCI in oversold area and heading up suggesting a potential upside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.3571
- S2= 1.3343
- S3= 1.3183
- R1= 1.3959
- R2= 1.4119
- R3= 1.4347
USDJPY Outlook
The USDJPY made indecisive movement by open and closed at almost the same price (88.85 and 88.74). Although the major scenario remains bearish, we have CCI divergence on 4h chart suggesting a potential upside correction scenario at this phase. Immediate resistance at 89.50. Break above that level could trigger further bullish correction towards 90.90 area. CCI about to cross -100 line up on daily chart suggesting a potential upside pressure.
USDJPY Daily Supports and Resistances:
- S1= 87.94
- S2= 87.14
- S3= 86.30
- R1= 89.58
- R2= 90.42
- R3= 91.22
USDCHF Outlook
The USDCHF attempted to push higher on Friday. The pair topped at 1.1714 but closed lower at 1.1539. We still have a valid bullish channel on 4h chart. The bias remains bullish still targeting 1.1800. Only a breakdown from the bullish channel could be a potential violation to the current bullish scenario. Immediate support is seen at 1.1550 followed by 1.1470. CCI heading up towards 100 line on 4h chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1467
- S2= 1.1395
- S3= 1.1272
- R1= 1.1662
- R2= 1.1785
- R3= 1.1857
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading, World Market
