Mon, 09th of February, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The Euro rallied against Dollar on Friday. The pair topped at 1.2991 and closed at 1.2939. The bearish trend line has been violated to the upside. The bias is bullish in nearest term targeting 1.3070 and 1.3170 (26.3 % Fib retracement 1.4719 – 1.2706) resistance area but medium bias remains neutral. Immediate support is seen at 1.2850 – 1.2900 area. CCI heading up towards 100 line on 4h chart suggesting a potential upside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2793
- S2= 1.2647
- S3= 1.2548
- R1= 1.3038
- R2= 1.3137
- R3= 1.3283
GBPUSD Outlook
The GBPUSD continued it’s bullish momentum on Friday. The pair topped at 1.4842 and closed at 1.4786. On 4h chart we have bullish channel and the bearish trend line has been violated to the upside. The bias remains bullish in nearest term targeting 1.5000 area but remains neutral in medium term. CCI just cross the 100 line down on hourly chart suggesting a potential downside pullback testing 1.4750 – 1.4700 area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4636
- S2= 1.4486
- S3= 1.4383
- R1= 1.4889
- R2= 1.4992
- R3= 1.5142
USDJPY Outlook
The USDJPY maintain the bullish scenario on Friday. The bullish scenario since breakout from the rectangle formation should remains valid. We also have a bullish channel on 4h chart. The bias remains bullish in nearest term targeting 92.75 area. CCI in overbought area and heading down on 4h chart suggesting a potential minor downside pressure testing 91.30 support area.
USDJPY Daily Supports and Resistances:
- S1= 91.00
- S2= 90.12
- S3= 89.53
- R1= 92.47
- R2= 93.06
- R3= 93.94
USDCHF Outlook
The USDCHF made a false breakout from the rectangle formation on Friday. The pair attempted to push higher, topped at 1.1742 but further bullish scenario was rejected as the pair whipsawed to the downside, hit the bottom at 1.1591 and closed at 1.1621. This fact bring back the pair into no trading zone area. Immediate support is seen at 1.1530. Initial resistance at 1.1742 (Friday’s high). CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1560
- S2= 1.1500
- S3= 1.1409
- R1= 1.1711
- R2= 1.1802
- R3= 1.1862
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading
