Tue, 03rd of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD had a moderate bearish momentum on yesterday, with only 84 pips movement. On hourly chart we can see that after breakdown the descending triangle the pair is now consolidating, move between 1.2650 – 1.2540 area. The bias is neutral in nearest term. The key level at this phase is 1.2500 – 1.2470 area. Break below that area could trigger further bearish scenario targeting 1.2300. Immediate resistance at 1.2650. CCI just cross the -100 line down on hourly chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2537
- S2= 1.2499
- S3= 1.2453
- R1= 1.2621
- R2= 1.2667
- R3= 1.2705
GBPUSD Outlook
The GBPUSD had a bearish momentum yesterday. The pair bottomed at 1.3956 and closed at 1.4052. On 4h chart we can see that the descending triangle has been violated to the downside indicating a potential bearish scenario. I think the current development is very important to the bearish scenario in longer term since the pair now already break below main support at 1.4050. The bias is bearish in nearest term targeting 1.3870. However CCI already in oversold area and heading up on 4h chart so watch out for a potential upside rebound testing 1.4070 and 1.4150 area.
GBPUSD Daily Supports and Resistances:
- S1= 1.3910
- S2= 1.3768
- S3= 1.3580
- R1= 1.4240
- R2= 1.4428
- R3= 1.4570
USDJPY Outlook
The USDJPY attempted to make another bearish correction move yesterday, bottomed at 96.91 but closed higher at 97.44. On hourly chart we have a rectangle formation indicating a consolidation phase around 23.6% Fibonacci retracement area. The bias remains neutral in nearest term. Immediate support at 96.91 (yesterday’s low). Initial resistance at 97.90. CCI just cross the -100 line down on hourly chart suggesting a potential downside pressure.
USDJPY Daily Supports and Resistances:
- S1= 96.93
- S2= 96.43
- S3= 95.95
- R1= 97.91
- R2= 98.39
- R3= 98.89
USDCHF Outlook
The USDCHF had another moderate bullish movement yesterday. The pair topped at 1.1794 and closed at 1.1754. We still have bullish channel on hourly chart. The bias is bullish in nearest term targeting 1.1880. Immediate support is seen at 1.1700. CCI in overbought area and heading down on 4h chart suggesting a potential minor downside pullback.
USDCHF Daily Supports and Resistances:
- S1= 1.1661
- S2= 1.1568
- S3= 1.1502
- R1= 1.1820
- R2= 1.1886
- R3= 1.1979
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
