Mon, 16th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
We had a significant bullish correction last week. The question now is whether this bullish momentum is just a “normal” correction before back to it’s major bearish scenario, or an early warning of a potential bullish reversal at least in medium term toward 1.3300 – 1.3500 area. Technically we have a potential double top formation at 1.2988 area which should provide a strong resistance at this phase. At the same time, daily CCI about to cross the 100 line down suggesting lack of further bullish pressure. However it’s very important for us to be very patient. Aggressive traders may have short positions below 1.2988 targeting 1.2650 area but once the price break above 1.2988 – 1.3000, do not hesitate to execute stop loss or even switch into a buy mode.
EURUSD Daily Supports and Resistances:
- S1= 1.2873
- S2= 1.2821
- S3= 1.2780
- R1= 1.2966
- R2= 1.3007
- R3= 1.3059
GBPUSD Outlook
The GBPUSD had a significant movement on Friday. The pair topped at 1.4068 but failed to close above 1.4050 and now traded around 1.3920 at the time I wrote this comment. On 4h chart we can see that during the major bearish movement the pair had some minor bullish channels (correction) and once the bullish channels violated to the downside, the pair continue it’s bearish scenario. Will the current bullish channel violated to the downside again this time and continue the bearish scenario toward the major support at 1.3500? Too early to tell, but CCI just cross the 100 line down on 4h chart suggesting a potential bearish pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.3884
- S2= 1.3770
- S3= 1.3678
- R1= 1.4090
- R2= 1.4182
- R3= 1.4296
USDJPY Outlook
The USDJPY made a moderate bullish movement on Friday. The pair topped at 98.64, closed lower at 97.95 and now is traded around 98.10 at the time I wrote this comment. We have a flag formation on 4h chart which is a bullish continuation pattern. Breakout from the flag could trigger further bullish momentum targeting 99.66 area once again. Immediate support is seen at 97.50. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
- S1= 97.16
- S2= 96.38
- S3= 95.64
- R1= 98.68
- R2= 99.42
- R3= 100.20
USDCHF Outlook
After had a significant bullish momentum on Thursday, the USDCHF was corrected lower on Friday. On 4h chart we have a flag formation indicating a potential bullish continuation scenario. Breakout from the flag could trigger another bullish momentum targeting 1.2000 area. Immediate support is seen at 1.1815 area. CCI in neutral area both on hourly and 4h chart.
USDCHF Daily Supports and Resistances:
- S1= 1.1811
- S2= 1.1774
- S3= 1.1714
- R1= 1.1908
- R2= 1.1968
- R3= 1.2005
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
