Mon, 02nd of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD had a moderate bearish momentum on Friday. The pair bottomed at 1.2604 but closed higher at 1.2675. We have a violated descending triangle on hourly chart suggesting a potential bearish view. The bias is bearish in nearest term targeting 1.2510 – 1.2470 area. Immediate resistance is seen at 1.2650. CCI just cross the -100 line down on daily chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2603
- S2= 1.2531
- S3= 1.2459
- R1= 1.2747
- R2= 1.2819
- R3= 1.2891
GBPUSD Outlook
The GBPUSD made indecisive movement on Friday by opened and closed at almost the same price, formed a Doji formation on daily chart. On daily chart we have a descending triangle formation, suggesting a potential bearish scenario. The bias is bearish in nearest term testing the main support area at 1.4100 – 1.4050 but remains unclear in medium term. Immediate resistance at 1.4300 area. CCI in neutral area on hourly chart.
GBPUSD Daily Supports and Resistances:
- S1= 1.4161
- S2= 1.4009
- S3= 1.3909
- R1= 1.4413
- R2= 1.4513
- R3= 1.4665
USDJPY Outlook
The USDJPY was corrected lower on Friday. The pair bottomed at 96.86 and closed at 97.58. On hourly chart we can see that after had a significant bullish momentum, the pair consolidate and rebound to the downside and now testing the 23.6% Fibonacci retracement support around 97.24. The bias is neutral in nearest term. Immediate resistance is seen at 98.10. CCI in overbought area and heading down on daily chart suggesting a potential downside pressure.
USDJPY Daily Supports and Resistances:
- S1= 96.76
- S2= 95.94
- S3= 95.03
- R1= 98.49
- R2= 99.40
- R3= 100.2
USDCHF Outlook
The USDCHF had a moderate bullish movement on Friday. The pair topped at 1.1758 but closed lower at 1.1698. On 4h chart we have a triangle indicating a consolidation phase. The bias remains neutral in term. Immediate resistance is seen at 1.1770 followed by 1.1825. Initial support at 1.1670 followed by 1.1590. CCI just cross the 100 line up on 4h chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1620
- S2= 1.1543
- S3= 1.1474
- R1= 1.1766
- R2= 1.1835
- R3= 1.1912
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
