Fri, 13th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push lower yesterday, bottomed at 1.2731 but further bearish scenario was rejected as the pair whipsawed to the upside, topped at 1.2943 and closed at 1.2898. The pair make a significant bullish correction this week but on daily chart we have a Hanging Man candlestick formation suggesting a potential bearish warning as the price approaching 1.2988 resistance level, a potential double top formation. Break above that level could trigger another bullish momentum. The bias is neutral in nearest term but bearish scenario in longer term remains intact. Immediate support at 1.2860 followed by 1.2815. CCI about to cross the 100 line down on hourly chart suggesting a potential bearish pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.2771
- S2= 1.2645
- S3= 1.2559
- R1= 1.2983
- R2= 1.3069
- R3= 1.3195
GBPUSD Outlook
Similar to EURUSD, the GBPUSD attempted to push lower yesterday, bottomed at 1.3701 but further bearish momentum was rejected as the pair whipsawed to the upside, topped at 1.3980 and closed at 1.3930. On 4h chart below we can see that the pair is in important phase, testing key psychological level at 1.4000 which should be a strong resistance. The bias is neutral in nearest term but below 1.4050 area the medium term bearish scenario remains intact. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure testing 1.3870 and 1.3800 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.3760
- S2= 1.3591
- S3= 1.3481
- R1= 1.4039
- R2= 1.4149
- R3= 1.4318
USDJPY Outlook
The USDJPY attempted to push lower yesterday, bottomed at 95.66 but further bearish momentum was rejected as the pair whipsawed to the upside, topped at 98.49 and closed lower at 97.48 formed a Doji formation on daily chart. We still have bearish channel on hourly chart but the nearest bias in neutral. Immediate resistance at 98.49 (yesterday’s high). Initial support at 96.75. Break below that support level could trigger further bearish momentum. CCI in neutral area both on 4h and daily chart.
USDJPY Daily Supports and Resistances:
- S1= 95.93
- S2= 94.38
- S3= 93.10
- R1= 98.76
- R2= 100.04
- R3= 101.59
USDCHF Outlook
The USDCHF had a significant bullish momentum yesterday driven by a news about Swiss National Bank will enter the market to weaken the Swiss Franc. The pair had 465 pips movement, topped at 1.1960 and closed at 1.1867. The bias is bullish in nearest term targeting 1.2010 area. However CCI already in overbought area and heading down so watch out for a potential downside pressure testing 1.1780 support area.
USDCHF Daily Supports and Resistances:
- S1= 1.1588
- S2= 1.1309
- S3= 1.1123
- R1= 1.2053
- R2= 1.2239
- R3= 1.2518
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
