Fri, 30th of January, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
As I had expected, the EURUSD had a bearish momentum yesterday. The pair hit my short target at 1.2980 even further bottomed at 1.2932. We have a valid bearish channel on hourly chart. The bias remains bearish targeting 1.2750 area. CCI in oversold area and heading up on hourly chart so watch out for a potential minor upside pressure testing 1.3015 resistance area. CCI just cross -100 line down on daily chart suggesting a potential bearish scenario.
EURUSD Daily Supports and Resistances:
- S1= 1.2854
- S2= 1.2770
- S3= 1.2608
- R1= 1.3100
- R2= 1.3262
- R3= 1.3346
GBPUSD Outlook
The GBPUSD attempted to push lower yesterday. The pair bottomed at 1.4072 (12 pips higher from my short target at 1.4060) before whipsawed to the upside, topped at 1.4409 and closed at 1.4285. On hourly chart we can see that after violation to the former bullish channel, the price attempted to move higher, but the trend line resistance still hold. The bias is neutral in nearest term. Break below 1.4200 area could trigger further bearish momentum testing 1.4000 key level . CCI in neutral area on daily chart.
GBPUSD Daily Supports and Resistances:
- S1= 1.4101
- S2= 1.3918
- S3= 1.3764
- R1= 1.4438
- R2= 1.4592
- R3= 1.4775
USDJPY Outlook
The USDJPY failed to continue it’s bullish scenario yesterday. The pair bottomed at 89.46 and closed at 90.03. We have a new bearish channel on hourly chart. The bias is bearish in nearest term targeting 88.90 area. Immediate resistance is seen at 90.05. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
- S1= 89.44
- S2= 88.86
- S3= 88.26
- R1= 90.62
- R2= 91.22
- R3= 91.80
USDCHF Outlook
The USDCHF didn’t make a significant move yesterday. The pair attempted to push lower, bottomed at 1.1406 but closed higher at 1.1543. The bias is neutral in nearest term. We still have a bullish channel on hourly chart, but the trend line resistance still hold. A breakout from the trend line resistance could trigger further bullish momentum targeting 1.1650. CCI about to cross the 100 line up on daily chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1439
- S2= 1.1336
- S3= 1.1266
- R1= 1.1612
- R2= 1.1682
- R3= 1.1785
