Tue, 27th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD was corrected higher yesterday. 2 Hammer candlestick formation I showed yesterday now followed by a bullish candle. A break above trend line resistance and 23 Fib retracement (of 1.4719 – 1.2764) should confirm the bullish reversal scenario targeting 1.3500 area. The bias is bullish in nearest term but major bearish scenario remains valid. Immediate support is seen at 1.3150 followed by 1.3050. Initial resistance at 1.3250 area. A consistent move above that level could trigger further bullish momentum. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure testing support areas.
EURUSD Daily Supports and Resistances:
- S1= 1.2966
- S2= 1.2726
- S3= 1.2592
- R1= 1.3340
- R2= 1.3474
- R3= 1.3714
GBPUSD Outlook
The Hammer candlestick formation gave us a valid warning of a potential bullish reversal yesterday. GBPUSD was corrected higher, topped at 1.4060 and closed at 1.4008. The bias is bullish in nearest term with 1.4210 as bullish correction target, but major bearish scenario remains valid. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure testing 1.3940 and 1.3800 support areas.
GBPUSD Daily Supports and Resistances:
- S1= 1.3683
- S2= 1.3358
- S3= 1.3170
- R1= 1.4196
- R2= 1.4384
- R3= 1.4709
USDJPY Outlook
The USDJPY made a moderate bullish correction yesterday. The pair topped at 89.68 and closed at 89.07. Beside CCI divergence seen on 4h chart, the violated bearish channel and CCI just cross the 100 line up should support the bullish view. The bias is bullish in nearest term targeting 90.90. CCI just cross the -100 line up on daily chart suggesting a potential bullish view.
USDJPY Daily Supports and Resistances:
- S1= 88.32
- S2= 87.57
- S3= 86.89
- R1= 89.75
- R2= 90.43
- R3= 91.18
USDCHF Outlook
The USDCHF failed to continued it’s bullish scenario yesterday. The bearish channel on 4h chart has been violated to the downside. We might have another bearish correction today testing 1.1200 area. The bias is bearish in nearest term but major bullish scenario can not be said over. Immediate resistance is seen at 1.1450 followed by 1.1500. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing resistance areas.
USDCHF Daily Supports and Resistances:
- S1= 1.1237
- S2= 1.1125
- S3= 1.0923
- R1= 1.1551
- R2= 1.1753
- R3= 1.1865
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading
