Tue, 17th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
We had an interesting movement yesterday. The bullish momentum continued. The pair breakout above key resistance level 1.2988, topped at 1.3068 but closed lower at 1.2978. We might have another bullish attempt today but I think the market could be very tricky right now and we need to be smart, patient and make sure you have a tight money management. Consistent movement above 1.2988 – 1.3000 area could trigger further bullish momentum targeting 1.3300 area. CCI about to cross the 100 line down on 4h chart suggesting a potential downside pressure testing 1.2930 support area.
EURUSD Daily Supports and Resistances:
- S1= 1.2861
- S2= 1.2744
- S3= 1.2641
- R1= 1.3081
- R2= 1.3184
- R3= 1.3301
GBPUSD Outlook
The GBPUSD continued it’s bullish momentum yesterday. The pair topped at 1.4227 but closed lower at 1.4073. On 4h chart we can see that the current bullish momentum attempted to break the major bearish trend line but the trend line holds so far. Once the trend line violated to the upside, expect further bullish momentum targeting 1.4300 area. CCI just cross the 100 line down on 4h chart suggesting a potential downside pressure testing 1.4030 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.3913
- S2= 1.3753
- S3= 1.3596
- R1= 1.4230
- R2= 1.4387
- R3= 1.4547
USDJPY Outlook
The USDJPY made indecisive movement yesterday by opened and closed at almost the same price (98.07 and 98.15) formed a Doji formation. On bigger view on daily chart, we can see that after had a bullish momentum since February 11, the pair is moving in a choppy area indicating a consolidation phase. I think it’s better to stay away from the market. The bias is neutral in nearest and medium term. Immediate support is seen at 97.80. Initial resistance at 98.90. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
- S1= 97.86
- S2= 97.57
- S3= 97.19
- R1= 98.53
- R2= 98.91
- R3= 99.20
USDCHF Outlook
The USDCHF had a moderate bearish movement yesterday. On 4h chart we can see that the pair still trapped in “flag” area. We need a breakout to have a clearer direction. I am expecting a bullish continuation scenario but do nothing until we have a breakout to the upside from the flag. Immediate support is seen at 1.1800. CCI in neutral area on 4h chart.
USDCHF Daily Supports and Resistances:
- S1= 1.1792
- S2= 1.1744
- S3= 1.1685
- R1= 1.1899
- R2= 1.1958
- R3= 1.2006
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
