Wed, 11th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push higher yesterday. The pair topped at 1.2820 but closed lower at 1.2679. On hourly chart we still have minor bullish channel indicating minor bullish correction. The bias is neutral in nearest term but remains bearish in longer term. Be patient at this phase, and I think it’s better to stay away from the market since we are in a counter-trend situation. Immediate resistance is seen at 1.2820 (yesterday’s high). Break above that level could trigger further bullish correction towards 1.3000 area. The key support level remains at 1.2500. Expect further bearish momentum below that level. CCI in neutral area in all three time frames (hourly, 4h, daily).
EURUSD Daily Supports and Resistances:
- S1= 1.2564
- S2= 1.2450
- S3= 1.2322
- R1= 1.2806
- R2= 1.2934
- R3= 1.3048
GBPUSD Outlook
The GBPUSD made indecisive movement yesterday. The pair attempted to push higher, topped at 1.3901 but further bullish correction was rejected as the pair whipsawed to the downside, hit the bottom at 1.3688 and closed at 1.3745. The bias is neutral in nearest term but remains bearish in medium and long term and still targeting 1.3500 area. Immediate resistance is seen at 1.3835 followed by 1.3901 (yesterday’s high). CCI just cross the -100 line up on hourly chart suggesting a potential minor upside correction.
GBPUSD Daily Supports and Resistances:
- S1= 1.3655
- S2= 1.3565
- S3= 1.3442
- R1= 1.3868
- R2= 1.3991
- R3= 1.4081
USDJPY Outlook
The USDJPY also made indecisive movement by opened and closed at almost the same price (98.77 and 98.70) formed a Doji formation on daily chart. On hourly chart we have triangle formation indicating a consolidation phase. The bias is neutral in nearest term. A break from the triangle would give us s clearer direction. Immediate support is seen at 98.20 followed by 97.60. Initial resistance at 99.66. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
- S1= 98.02
- S2= 97.34
- S3= 96.79
- R1= 99.25
- R2= 99.80
- R3= 100.48
USDCHF Outlook
The USDCHF attempted to push lower yesterday, bottomed at 1.1434 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 1.1649 and closed at 1.1600. On daily chart we have a Doji formation after a moderate bearish movement at the same time CCI cross the -100 line up suggesting a potential upside pressure. The bias is bullish in nearest term targeting 1.1750 area. However CCI just cross the 100 line down on hourly chart so watch out for a potential downside pressure testing 1.1520 support area.
USDCHF Daily Supports and Resistances:
- S1= 1.1473
- S2= 1.1346
- S3= 1.1258
- R1= 1.1688
- R2= 1.1776
- R3= 1.1903
Labels: Forex Analysis, forex signal, Forex Trend, FX Instructor, Market Analysis, Market Trend, money trading
