Tue, 03th of February, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD failed to continued it’s bearish momentum yesterday. The pair attempted to push lower, bottomed at 1.2706 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 1.2898 and closed at 1.2814. The bias is neutral in nearest term but bearish scenario in longer term is still intact. We still have a valid bearish channel on hourly chart and only a breakout to the upside could be a potential violation to the bearish scenario. We also seem to have a strong resistance (double top) at 1.2900 area. Break above that level could trigger further bullish correction towards 1.3000 area. Immediate support is seen at 1.2700 area. Break below that level could trigger further bearish momentum targeting 1.2500. CCI in oversold area and heading up on daily chart suggesting a potential upside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2714
- S2= 1.2614
- S3= 1.2522
- R1= 1.2906
- R2= 1.2998
- R3= 1.3098
GBPUSD Outlook
After corrected significantly higher last week, the GBPUSD bullish momentum was paused yesterday. The pair topped at 1.4468, hit the bottomed at 1.4051 and closed at 1.4230. We had a high volatile market lately, forming a broadening formation seen on hourly chart, make new highs and lows without clear direction. I think the pair is consolidating now. Keep stay away, waiting for clearer direction. Pay high attention to the key/psychological level 1.4000 at this phase. Break below that level could trigger further weakness to the Sterling. CCI in neutral area on daily chart.
GBPUSD Daily Supports and Resistances:
- S1= 1.4031
- S2= 1.3832
- S3= 1.3614
- R1= 1.4448
- R2= 1.4666
- R3= 1.4865
USDJPY Outlook
The USDJPY didn’t make a significant movement yesterday. The pair attempted to push lower, bottomed at 88.80 but closed higher at 89.36. We have a symmetrical triangle formation on hourly chart suggesting a consolidation phase. A break from the triangle would give us a clearer direction. The bias is neutral in nearest term, but still bearish in longer term. Immediate resistance is seen at 89.97 (yesterday’s high). Initial support at 89.00. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
- S1= 88.78
- S2= 88.20
- S3= 87.61
- R1= 89.95
- R2= 90.54
- R3= 91.12
USDCHF Outlook
The USDCHF didn’t make a significant move yesterday. However we have a minor bearish channel on hourly chart that seem to be a potential threat to the bullish scenario. The price is now testing the bullish channel line support around 1.1550 area. A violation to the downside could trigger further bearish momentum towards 1.1470 area. Initial resistance at 1.1750. CCI just cross the -100 line down on hourly chart suggesting a potential downside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1573
- S2= 1.1521
- S3= 1.1466
- R1= 1.1680
- R2= 1.1735
- R3= 1.1787
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading
