Wed, 18th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD had a moderate bullish movement yesterday. The upside pressure is still there but we have not seen consistent move above 1.3000 area yet. On 4h chart below, we have an interesting relation between CCI cross up and minor bearish channel breakout suggesting a potential upside scenario testing 1.3090 resistance level before heading for 1.3300. Immediate support is seen at 1.2930.
EURUSD Daily Supports and Resistances:
- S1= 1.2953
- S2= 1.2891
- S3= 1.2852
- R1= 1.3054
- R2= 1.3093
- R3= 1.3155
GBPUSD Outlook
The GBPUSD made indecisive movement yesterday. After failed to breakout above the bearish trend line, the pair had a moderate bearish movement, but we might see another bullish attempt challenging the trend line today. Violation to the bearish trend line could trigger further bullish scenario targeting 1.4300 area. Immediate support is seen at 1.4030 – 1.4000 area. CCI in neutral area in all time frames (hourly, 4h, daily).
GBPUSD Daily Supports and Resistances:
- S1= 1.3957
- S2= 1.3874
- S3= 1.3785
- R1= 1.4129
- R2= 1.4218
- R3= 1.4301
USDJPY Outlook
The USDJPY made a moderate bullish movement yesterday. On 4h chart we can see that after had significant bullish momentum, the pair was corrected lower made a moderate bearish channel which is now has been violated again to the upside. The bias is bullish in nearest term targeting 99.66 area. Immediate support is seen at 98.50. CCI heading up towards 100 line on hourly chart suggesting a potential upside pressure.
USDJPY Daily Supports and Resistances:
- S1= 98.20
- S2= 97.76
- S3= 97.39
- R1= 99.01
- R2= 99.38
- R3= 99.82
USDCHF Outlook
The USDCHF made indecisive movement yesterday. However, we have a descending triangle appeared on daily chart at the same time CCI about to cross the 100 line down suggesting a potential bearish scenario. The bias is bearish in nearest term targeting 1.1650. Immediate resistance is seen at 1.1850 area.
USDCHF Daily Supports and Resistances:
- S1= 1.1788
- S2= 1.1756
- S3= 1.1701
- R1= 1.1875
- R2= 1.1930
- R3= 1.1962
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
