Thu, 05th of February, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD failed to continue it’s bullish momentum yesterday. The pair bottomed at 1.2812 and closed at 1.2834. On hourly chart below, we can see that the price was making a minor bullish channel, attempted to break the trend line resistance, but not successful so far. In fact the bullish channel has been violated to the downside. The bias is bearish in nearest term testing 1.2700 support area but remains neutral in longer term. Immediate resistance is seen at 1.2900 followed by 1.3000. CCI about to cross the -100 line down on daily chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2741
- S2= 1.2648
- S3= 1.2484
- R1= 1.2998
- R2= 1.3162
- R3= 1.3255
GBPUSD Outlook
The GBPUSD made indecisive movement yesterday by opened and closed at almost the same price (1.4429 and 1.4441). On 4h chart we can see that the pair is challenging the major bearish trend line but the trend line hold so far. Unless the trend line is violated to the upside, the major bearish scenario remains intact. The bias is neutral in nearest term. Immediate resistance is seen at 1.4577 (yesterday’s high). Break above that level could trigger further bullish scenario towards 1.4750 area. Initial support at 1.4380 followed by 1.4250. CCI in neutral area on daily chart.
GBPUSD Daily Supports and Resistances:
- S1= 1.4317
- S2= 1.4193
- S3= 1.4063
- R1= 1.4571
- R2= 1.4701
- R3= 1.4825
USDJPY Outlook
The USDJPY made another indecisive movement and a Doji formation on daily chart yesterday. The major bearish scenario remains intact, but we have a triangle formation on 4h chart indicating a consolidation phase. A break from the triangle should give us a clearer direction. The bias is neutral in nearest term. Immediate resistance is seen at 89.90. Initial support at 88.80. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
- S1= 88.83
- S2= 88.35
- S3= 87.88
- R1= 89.78
- R2= 90.25
- R3= 90.73
USDCHF Outlook
The USDCHF had a bullish momentum yesterday. The downside breakout attempt of the rectangle formation (1.1715 – 1.1310) failed. The bias is bullish in nearest term testing 1.1715 resistance area, but remains neutral in longer term. Immediate support is seen at 1.1500. CCI heading up towards 100 line on daily chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1459
- S2= 1.1322
- S3= 1.1234
- R1= 1.1684
- R2= 1.1772
- R3= 1.1909
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading
