Fri, 06th of February, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD didn’t make a significant movement yesterday. There seems to be a hard battle between buyers and sellers. The 1.2900 resistance was tested (topped at 1.2904) before price hit bottom at 1.2760 and closed at 1.2786. The nearest bias is still bearish but should remains unclear in longer term. CCI almost cross -100 line up on hourly chart suggesting a potential upside pullback testing the bearish channel. Immediate support at 1.2760 (yesterday’s low) followed by 1.2700. Break below 1.2700 could trigger further bearish momentum targeting 1.2500. Initial resistance at 1.2850 – 1.2900 area. Eyes on US NFP data today.
EURUSD Daily Supports and Resistances:
- S1= 1.2729
- S2= 1.2672
- S3= 1.2585
- R1= 1.2873
- R2= 1.2960
- R3= 1.3017
GBPUSD Outlook
After indecisive movement on Wednesday, yesterday GBPUSD had a significant bullish momentum. After break the 1.4577 resistance, the pair made further bullish move, topped at 1.4702 and closed at 1.4625. The Fibonacci retracement study below show that the pair is at critical phase, testing 23.6 % at 1.4718 area. Break above that area could trigger further strong bullish momentum. The bias remains bullish in nearest term and neutral in longer term. However, CCI in overbought area and heading down on 4h chart suggesting a potential downside pullback testing 1.4577 and 1.4500 support area. Eyes on US NFP data today.
GBPUSD Daily Supports and Resistances:
- S1= 1.4426
- S2= 1.4228
- S3= 1.4090
- R1= 1.4762
- R2= 1.4900
- R3= 1.5098
USDJPY Outlook
After breakout to the upside from triangle formation yesterday, the USDJPY had a nice bullish momentum. The pair topped at 92.23 and closed at 91.11. On 4h chart below we can see that the price is now testing the trend line resistance but at the same time CCI in overbought area and heading down suggesting a potential downside pullback. The bias is bullish in nearest term but neutral in longer term. Immediate support is seen at 90.35. Initial resistance at 91.50 followed by 92.23 (yesterday’s high).
USDJPY Daily Supports and Resistances:
- S1= 89.47
- S2= 87.83
- S3= 86.45
- R1= 92.49
- R2= 93.87
- R3= 95.51
USDCHF Outlook
As I had expected, yesterday USDCHF attempted to break 1.1715 resistance level. The pair topped at 1.1727 and closed at 1.1720. However I think we need little more consistent move above 1.1715 area to make sure it is not a false breakout. If we do have a valid breakout, the next bullish target is at least at 1.1820 area. However CCI about to cross the 100 line down on hourly chart suggesting a potential downside pullback testing 1.1630 area.
USDCHF Daily Supports and Resistances:
- S1= 1.1618
- S2= 1.1516
- S3= 1.1462
- R1= 1.1774
- R2= 1.1828
- R3= 1.1930
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading
