Fri, 06th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD failed to continue it’s bullish correction yesterday. The pair bottomed at 1.2481 and closed at 1.2538. We have triangle formation on hourly chart indicating consolidation phase. The bias remains neutral in nearest term but should remains bearish in medium and long term. Immediate support at 1.2480 – 1.2450 area. Break below that area could trigger further weakness for the Euro towards 1.2300 area. Initial resistance at 1.2570 followed by 1.2660. CCI in neutral area both on hourly and 4h chart. Eyes on US NFP data today.
EURUSD Daily Supports and Resistances:
- S1= 1.2458
- S2= 1.2379
- S3= 1.2277
- R1= 1.2639
- R2= 1.2741
- R3= 1.2820
GBPUSD Outlook
The GBPUSD also failed to continue bullish correction yesterday. The pair had a moderate bearish movement. We still have a minor bullish channel on hourly chart. The bias remains neutral in nearest term but the Sterling should remains under pressure in longer term. Immediate support at 1.4100 – 1.4050 area. Initial resistance at 1.4230 (yesterday’s high). CCI in neutral area both on hourly and 4h chart. Eyes on US NFP data today.
GBPUSD Daily Supports and Resistances:
- S1= 1.4025
- S2= 1.3934
- S3= 1.3832
- R1= 1.4218
- R2= 1.4320
- R3= 1.4411
USDJPY Outlook
The USDJPY failed to continue it’s bullish momentum yesterday. The pair bottomed at 97.71 and closed at 98.06. The bias is bearish in nearest term targeting 96.50. However CCI just cross the -100 line up on hourly chart so watch out for a potential upside pullback testing 98.69 resistance area. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
USDJPY Daily Supports and Resistances:
- S1= 97.29
- S2= 96.52
- S3= 95.34
- R1= 99.24
- R2= 100.42
- R3= 101.19
USDCHF Outlook
The USDCHF didn’t make significant movement yesterday. The pair attempted to push higher, topped at 1.1806 but closed lower at 1.1646. The bias remains neutral in nearest term and it’s better to keep stay away from the market. Immediate support is seen at 1.1650 followed by 1.1600. Initial resistance at 1.1800. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1633
- S2= 1.1559
- S3= 1.1473
- R1= 1.1793
- R2= 1.1879
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
