Thu, 26th of February, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD was traded lower yesterday. On 4h chart the triangle has been breakdown to the downside suggesting a potential bearish scenario. However, we have not seen a clear trending market since Monday. Although technically it should be bearish for the pair, we also know that the market seems hesitate to let EURUSD stay below 1.2650- 1.2700 area this week. The bias is bearish in nearest term but only a consistent movement below 1.2650 area could trigger further bearish scenario targeting 1.2470 - 1.2500 area. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing 1.2770 and 1.2825 resistance area.
EURUSD Daily Supports and Resistances:
- S1= 1.2643
- S2= 1.2563
- S3= 1.2437
- R1= 1.2849
- R2= 1.2975
- R3= 1.3055
GBPUSD Outlook
The Sterling slumped against Greenback yesterday. The pair bottomed at 1.4173 and closed at 1.4202. The triangle formation on 4h chart has been breakdown to the downside suggesting a potential bearish scenario. However CCI just cross -100 line up on hourly chart suggesting a potential upside pullback. We know that although technically it should be bearish for GBPUSD, the market always avoid any movement below 1.4050 – 1.4100 area this month. That fact give us a bad risk-reward situation. Unless you are a scalper, it’s better to stay away right now.
GBPUSD Daily Supports and Resistances:
- S1= 1.4049
- S2= 1.3896
- S3= 1.3619
- R1= 1.4479
- R2= 1.4756
- R3= 1.4909
USDJPY Outlook
The USDJPY continued it’s bullish momentum yesterday. The pair hit my long target at 97.52, topped at 97.77 and closed at 97.38. The bias remains bullish targeting 98.25 before heading for 100.00 area. CCI just cross the 100 line down on hourly chart so watch out for a potential downside pressure testing 96.90 support area.
USDJPY Daily Supports and Resistances:
- S1= 96.55
- S2= 95.73
- S3= 95.12
- R1= 97.98
- R2= 98.59
- R3= 99.41
USDCHF Outlook
The Greenback was traded stronger against Swiss Franc yesterday. The pair topped at 1.1741 and closed at 1.1696. On 4h chart we can see that the pair has been trendless since the middle of January, moving inside 1.1880 – 1.1313 area. The bias is neutral both in nearest and medium term so keep stay away from the market. Immediate resistance is seen at 1.1741 (yesterday’s high). Initial support at 1.1635. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1583
- S2= 1.1470
- S3= 1.1391
- R1= 1.1775
- R2= 1.1854
- R3= 1.1967
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
