Thu, 19th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD had a strong bullish movement yesterday, break above two main resistances, 1.3300 and 1.3500, topped at 1.3532. The combination between minor bearish channel breakout and CCI cross up I showed yesterday gave us a valid bullish signal. The bias remains bullish in nearest term targeting 1.3625 area. However CCI already in overbought area in all 3 time frames (hourly, 4h, daily) so watch out for a potential downside rebound testing 1.3400 and 1.3325 support area.
EURUSD Daily Supports and Resistances:
- S1= 1.3152
- S2= 1.2796
- S3= 1.2606
- R1= 1.3698
- R2= 1.3888
- R3= 1.4244
GBPUSD Outlook
The Greenback also suffered huge losses against Sterling yesterday. The pair break the bearish trend line to the upside, topped at 1.4332 and closed at 1.4298. The bias is bullish in nearest term targeting 1.4450 area. However CCI already in overbought area and heading down on hourly chart so watch out for a potential downside rebound testing 1.4215 and 1.4150 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.3984
- S2= 1.3670
- S3= 1.3496
- R1= 1.4472
- R2= 1.4646
- R3= 1.4960
USDJPY Outlook
The USDJPY had a significant bearish momentum yesterday. The pair bottomed at 95.66 and closed at 96.01. On daily chart we can see that the pair was corrected higher during major bearish trend but the price failed to break above 50% Fibo retracement area. At the same time CCI heading down towards -100 line suggesting a potential bearish pressure. The bias is bearish in nearest term targeting 94.90. CCI in oversold area and heading up on hourly chart so watch out for a potential upside rebound testing 96.80 resistance area.
USDJPY Daily Supports and Resistances:
- S1= 94.83
- S2= 93.66
- S3= 91.66
- R1= 98.00
- R2= 100.00
- R3= 101.17
USDCHF Outlook
As I had expected, the USDCHF made a significant bearish momentum yesterday. The pair hit my short target at 1.1650 even much further, bottomed at 1.1373 and closed at 1.1389. The combination of descending triangle and CCI cross down that I showed yesterday gave us a valid bearish signal. The bias remains bearish in nearest term targeting 1.1295. CCI in oversold area and heading up both on hourly and 4h chart so watch out for a potential upside rebound testing 1.1480 resistance area.
USDCHF Daily Supports and Resistances:
- S1= 1.1232
- S2= 1.1075
- S3= 1.0778
- R1= 1.1686
- R2= 1.1983
- R3= 1.2140
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading, Moving Average
