Tue, 10th of February, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD didn’t make a significant movement yesterday. The pair attempted to push higher, hit my first long target at 1.3070, topped at 1.3093 but closed lower at 1.3000. On hourly chart we can see that the pair failed to move above 61.8 Fib retracement and then Dollar regained some strength. The pair is now testing the minor bullish channel and 38.2 % Fib retracement at the same time around 1.2950 area. Break below that level could trigger further bearish scenario testing 1.2700 support area once again. CCI just cross the 100 line down on 4h chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2884
- S2= 1.2768
- S3= 1.2664
- R1= 1.3104
- R2= 1.3208
- R3= 1.3324
GBPUSD Outlook
The GBPUSD made moderate bullish momentum yesterday. The pair attempted to push higher, topped at 1.4985 but closed lower at 1.4888. On 4h chart we have a Hanging Man candlestick formation followed by 2 bearish candle indicating a potential bearish reversal. At the same time, CCI about to cross the 100 line down, supporting the downside pressure scenario. Immediate support at 1.4765. Break below that level could trigger another bearish momentum towards 1.4630 area. Initial resistance at 1.4985 – 1.5000 area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4731
- S2= 1.4575
- S3= 1.4448
- R1= 1.5014
- R2= 1.5141
- R3= 1.5297
USDJPY Outlook
The USDJPY was traded lower yesterday. The pair bottomed at 90.88 and closed at 91.46. We have a symmetrical triangle formation on hourly chart indicating a consolidation phase. The bias is neutral in nearest term. Break from the triangle would give us clearer direction. Immediate support at 90.88 (yesterday’s low) followed by 90.15. Initial resistance at 91.80. CCI just cross the -100 line down on hourly chart suggesting a potential downside pressure.
USDJPY Daily Supports and Resistances:
- S1= 90.76
- S2= 90.06
- S3= 89.25
- R1= 92.27
- R2= 93.08
- R3= 93.78
USDCHF Outlook
After corrected lower on Friday, yesterday the USDCHF made a moderate bullish movement. We have a rising wedge formation on 4h chart as a warning of potential bearish reversal. However, a consistent move above 1.1715 area would continue the bullish scenario targeting 1.1820 in nearest term. Immediate support at 1.1670. CCI about to cross 100 line up on 4h chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1535
- S2= 1.1430
- S3= 1.1359
- R1= 1.1711
- R2= 1.1782
- R3= 1.1887
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading
