Thu, 29th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD failed to continue it’s bullish correction scenario yesterday. The pair attempted to push higher, topped at 1.3326 but further bullish momentum was rejected as the pair closed lower at 1.3152. On hourly chart we have a double top formation and the bullish channel has been violated to the downside. The bias is bearish in nearest term targeting 1.2980. CCI in oversold area and heading up on hourly chart suggesting a potential upside pressure testing 1.3188 and 1.3240 resistance area.
EURUSD Daily Supports and Resistances:
- S1= 1.3060
- S2= 1.2969
- S3= 1.2836
- R1= 1.3284
- R2= 1.3417
- R3= 1.3508
GBPUSD Outlook
The GBPUSD had moderate bullish momentum yesterday. The pair topped at 1.4374 but closed lower at 1.4245. Technically on 4h chart the price failed to break the trend line resistance and go lower. At the same time, CCI just cross the 100 line down suggesting a potential bearish scenario. The bias is bearish in nearest term targeting 1.4060. Immediate resistance is seen at 1.4280 area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4121
- S2= 1.3997
- S3= 1.3871
- R1= 1.4371
- R2= 1.4497
- R3= 1.4621
USDJPY Outlook
After breakout from rectangle area (of 90.20 – 88.20), the USDJPY had a bullish momentum. The pair topped at 90.74 and closed at 90.40. The bias is bullish in nearest term targeting 91.30 area. CCI in overbought area and heading down so watch out for a potential minor downside pressure testing 90.00-20 area.
USDJPY Daily Supports and Resistances:
- S1= 89.26
- S2= 88.13
- S3= 87.39
- R1= 91.13
- R2= 91.87
- R3= 93.00
USDCHF Outlook
After breakout the rectangle formation (of 1.1430 – 1.1330) on hourly chart, yesterday the USDCHF had a bullish momentum. The pair topped at 1.1564 and closed at 1.1526. The bias is bullish in nearest term targeting 1.1650. CCI in overbought area and heading down on hourly chart so watch out for a potential minor downside pressure testing 1.1474 – 1.1510 area.
USDCHF Daily Supports and Resistances:
- S1= 1.1382
- S2= 1.1238
- S3= 1.1147
- R1= 1.1617
- R2= 1.1708
- R3= 1.1852
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading
