Tue, 24th of February, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push higher yesterday. The pair topped at 1.2988 but further bullish scenario was rejected as the pair whipsawed to the downside, hit bottom at 1.2690 and closed at 1.2692. The bias is bearish in nearest term targeting 1.2590 then 1.2470 area. Immediate resistance is seen at 1.2750. CCI about to cross -100 line down on daily chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2592
- S2= 1.2492
- S3= 1.2294
- R1= 1.2890
- R2= 1.3088
- R3= 1.3188
GBPUSD Outlook
The GBPUSD also attempted to pushed higher yesterday. The pair topped at 1.4659 but further bullish scenario was rejected as the pair closed lower at 1.4483. It looks like the pair still trapped in ranging area of 23.6% - 61.8% Fibonacci retracement on the 4h chart. The bias is bearish in nearest term testing 1.4390 support area but remains neutral in medium term. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing 1.4550 resistance area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4344
- S2= 1.4205
- S3= 1.4048
- R1= 1.4640
- R2= 1.4797
- R3= 1.4936
USDJPY Outlook
After corrected lower on Friday, yesterday the USDJPY continued it’s bullish momentum. The pair topped at 94.93 and closed at 94.58. We have a valid bullish channel on 4h chart. The bias is bullish in nearest term targeting 95.50 area. However CCI just cross the 100 line down on 4h chart so watch out for a potential downside pressure testing 94.00 support area.
USDJPY Daily Supports and Resistances:
- S1= 93.25
- S2= 91.92
- S3= 91.08
- R1= 95.42
- R2= 96.26
- R3= 97.59
USDCHF Outlook
The Greenback regained some strength against the Swiss Franc yesterday. On hourly chart we can see that after breakdown to the downside of the former bullish channel support line, the pair is now push to the upside and testing the same line which now has become a resistance. The bias is bullish in nearest term testing 1.1750 but remains unclear in medium term. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure testing 1.1620 support area.
USDCHF Daily Supports and Resistances:
- S1= 1.1531
- S2= 1.1380
- S3= 1.1298
- R1= 1.1764
- R2= 1.1846
- R3= 1.1997
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
