Fri, 13th of February, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push lower yesterday. The pair bottomed at 1.2723 but further bearish momentum was rejected as the pair whipsawed to the upside and closed at 1.2861. We have Hammer candlestick formation on daily chart indicating a potential bullish reversal. The bias is bullish in nearest term testing 1.3175 resistance area, but remains neutral in medium term. Immediate support at 1.2830. Initial resistance at 1.2950. CCI just cross the -100 line up on 4h chart suggesting potential upside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2742
- S2= 1.2623
- S3= 1.2524
- R1= 1.2960
- R2= 1.3059
- R3= 1.3178
GBPUSD Outlook
After break 1.4320 to the downside, yesterday the GBPUSD had a bearish momentum, bottomed at 1.4131 but closed higher at 1.4263. On hourly chart we can had a Hammer formation appeared after some significant bearish movement and the price is making a new bullish channel. The bias is bullish in nearest term testing 1.4450 resistance area but remains unclear in medium term. Immediate support at 1.4240. Initial resistance at 1.4320 (former support). CCI just cross the -100 line on 4h chart suggesting a potential upside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.4124
- S2= 1.3986
- S3= 1.3841
- R1= 1.4407
- R2= 1.4552
- R3= 1.4690
USDJPY Outlook
The USDJPY failed to continued it’s bearish scenario yesterday. The pair topped at 91.12 and closed at 90.94. On hourly chart we can see the bearish trend line has been violated to the upside and we have a new bullish channel. The bias is bullish in nearest term testing 91.50 resistance area but remains neutral in medium term. Immediate support at 90.50. CCI in neutral area on 4h chart.
USDJPY Daily Supports and Resistances:
- S1= 90.13
- S2= 89.32
- S3= 88.83
- R1= 91.43
- R2= 91.92
- R3= 92.73
USDCHF Outlook
The USDCHF didn’t make significant movement yesterday. The pair attempted to push higher, topped at 1.1712 but closed lower at 1.1559. Pay attention to the rising wedge formation on 4h chart below, indicating a potential bearish reversal scenario. The bias is neutral in nearest term. Expect bearish momentum on the breakdown on lower line of the rising wedge formation. Immediate resistance at 1.1630. Initial support at 1.1559 (yesterday’s low). CCI in neutral area on daily chart.
USDCHF Daily Supports and Resistances:
- S1= 1.1554
- S2= 1.1480
- S3= 1.1401
- R1= 1.1707
- R2= 1.1786
- R3= 1.1860
Have a great weekend!
Labels: Forex Analysis, Forex Trend, Market Analysis, Market Trend, money trading
