Wed, 11th of February, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
We had a volatile movement yesterday. The pair attempted to push lower, bottomed at 1.2809 before whipsawed to the upside, hit the topped at 1.3074 and closed lower at 1.2907. On hourly chart we can see that after violated the bullish channel, price attempted to push higher again but former lower bullish channel line support did a good job as a strong resistance now. The bias remains bearish in nearest term targeting 1.2780 and 1.2706 support area. CCI heading down towards -100 line on daily chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2786
- S2= 1.2665
- S3= 1.2521
- R1= 1.3051
- R2= 1.3195
- R3= 1.3316
GBPUSD Outlook
The Hanging Man candlestick formation gave us a valid bearish reversal warning yesterday. GBPUSD had a bearish momentum, bottomed at 1.4454 and closed at 1.4539. On 4h chart we can see that the bullish channel has been violated to the downside. The bias is bearish in nearest term targeting 1.4290 area. Immediate resistance at 1.4560 followed by 1.4625. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.4357
- S2= 1.4176
- S3= 1.3898
- R1= 1.4816
- R2= 1.5094
- R3= 1.5275
USDJPY Outlook
The USDJPY had a bearish momentum yesterday. The pair made a false breakout from the triangle formation before go the other way and made a valid breakdown. The bias is bearish in nearest term targeting 89.60 and 89.00 area. Immediate resistance at 90.70. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
USDJPY Daily Supports and Resistances:
- S1= 89.72
- S2= 89.14
- S3= 88.18
- R1= 91.26
- R2= 92.22
- R3= 92.80
USDCHF Outlook
The USDCHF had a volatile movement yesterday. The pair attempted to push higher, topped at 1.1779 before whipsawed to the downside, bottomed at 1.1503 and closed at 1.1560. On hourly chart we can see that the pair is now challenge the trend line support. The bias is bearish in nearest term testing 1.1450 support level but remains unclear in medium term. CCI just cross the -100 line on 4h chart suggesting a potential upside pullback testing 1.1670 resistance area.
USDCHF Daily Supports and Resistances:
- S1= 1.1449
- S2= 1.1338
- S3= 1.1173
- R1= 1.1725
- R2= 1.1890
- R3= 1.2001
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading
