Thu, 12th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD had a significant bullish correction yesterday. The pair topped at 1.2862 and closed at 1.2845. We have a valid bullish channel indicating a strong bullish correction. The bias is bullish in nearest term testing 1.2988 area but the bearish scenario in longer term remains intact. Like I said yesterday, we are in a counter-trend phase and I am not the guy who like to trade a counter-trend movement. Be very careful and patient at this kind of situation. CCI about to cross the 100 line down on hourly chart suggesting a potential downside pressure testing 1.2720 support area.
EURUSD Daily Supports and Resistances:
- S1= 1.2686
- S2= 1.2528
- S3= 1.2440
- R1= 1.2932
- R2= 1.3020
- R3= 1.3178
GBPUSD Outlook
The GBPUSD had a bullish momentum yesterday. The pair topped at 1.3886 and closed at 1.3873. Although not as strong as EURUSD, GBPUSD also in a counter-trend situation and this kind of market really need a lot of patient. The bias is bullish in nearest term testing 1.3900 area. Break above that level could trigger further bullish correction challenging 1.4000 area. In medium term, as long as the pair stay below 1.4000 – 1.4050 area, the scenario remains bearish. I think it’s better to stay away from the market for now. CCI in overbought area and heading down on hourly chart suggesting a potential downside pressure testing 1.3750 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.3722
- S2= 1.3572
- S3= 1.3490
- R1= 1.3954
- R2= 1.4036
- R3= 1.4186
USDJPY Outlook
The USDJPY had a bearish momentum yesterday. The pair bottomed at 97.06 and closed at 97.25. The triangle formation on hourly chart has been violated to the downside suggesting a potential bearish scenario. The bias is bearish in nearest term targeting 96.50 area. However CCI just cross the -100 line up on hourly chart so watch out for a potential upside pressure testing 97.90 area.
USDJPY Daily Supports and Resistances:
- S1= 96.59
- S2= 95.94
- S3= 94.82
- R1= 98.36
- R2= 99.48
- R3= 100.13
USDCHF Outlook
The Greenback slumped against Swiss Franc yesterday. The pair bottomed at 1.1519 and closed at 1.1523. We have a bearish channel on hourly chart. The bias is bearish in nearest term testing 1.1450 area but remains neutral in medium term. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing 1.1600 resistance area.
USDCHF Daily Supports and Resistances:
- S1= 1.1469
- S2= 1.1416
- S3= 1.1313
- R1= 1.1625
- R2= 1.1728
- R3= 1.1781
Labels: Forex Analysis, forex signal, Forex Trend, FX Instructor, Market Analysis, Market Trend, money trading
