Wed, 04th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD didn’t make a significant movement yesterday. The 1.2500 seems to be an important key support level at this phase. We have a descending triangle on daily chart indicating a potential bearish scenario. I believe the Euro should remains under pressure this week so short on rallies is still the best strategy. Break below 1.2500 would trigger further bearish scenario targeting 1.2300 area. Immediate resistance is seen at 1.2580 followed by 1.2650. CCI just cross the -100 line down on 4h chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2495
- S2= 1.2430
- S3= 1.2340
- R1= 1.2650
- R2= 1.2740
- R3= 1.2805
GBPUSD Outlook
The GBPUSD made indecisive movement yesterday by opened and closed at almost the same price (1.4052 and 1.4047). However we still have bearish channel on 4h chart and weekly outlook also should be bearish for the pair. The bias is neutral in nearest term but remains bearish in medium and long term. Immediate support is seen at 1.3950. Break below that level could trigger further bearish scenario targeting 1.3800 area. Initial resistance at 1.4070 followed by 1.4150. CCI about to cross -100 line down on both hourly and 4h chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.3967
- S2= 1.3888
- S3= 1.3794
- R1= 1.4140
- R2= 1.4234
- R3= 1.4313
USDJPY Outlook
The USDJPY had a bullish momentum yesterday. On hourly chart we can see that the bearish correction attempt was rejected around 23.6% Fibo retracement area. The bias is bullish in nearest term but watch out for a potential double top resistance at 98.69. Break above that level could trigger further bullish momentum targeting 99.50 area. CCI about to cross the 100 line up on hourly chart suggesting a potential upside pressure.
USDJPY Daily Supports and Resistances:
- S1= 97.22
- S2= 96.31
- S3= 95.63
- R1= 98.81
- R2= 99.49
- R3= 100.40
USDCHF Outlook
The USDCHF made indecisive movement by opened and closed at almost the same price yesterday (1.1753 and 1.1755), formed a Doji formation on daily chart. We have triangle formation on hourly chart indicating a consolidation phase. The bias is neutral in nearest term but remains bullish in medium and long term. Immediate support is seen at 1.1682 (yesterday’s low). Initial resistance at 1.1800 followed by 1.1880. CCI just cross the 100 line up on 4h chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1696
- S2= 1.1637
- S3= 1.1592
- R1= 1.1800
- R2= 1.1845
- R3= 1.1904
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
