Fri, 20th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
As I had expected, the EURUSD had another bullish movement yesterday. The pair hit my long target at 1.3625, even higher, topped at 1.3736 and closed at 1.3664. On daily daily chart we can see that the pair is now testing the main 38.2% Fibo retracement resistance (of 1.6037 – 1.2327) around 1.3725 area which should be a key level at this phase. Consistent move above that resistance could trigger further bullish momentum targeting 1.3850. CCI in overbought area and about to cross the 100 line down on 4h chart so watch out for a potential downside rebound testing 1.3615 and 1.3550 support area.
EURUSD Daily Supports and Resistances:
- S1= 1.3475
- S2= 1.3286
- S3= 1.3156
- R1= 1.3794
- R2= 1.3924
- R3= 1.4113
GBPUSD Outlook
The GBPUSD also had another bullish momentum yesterday. The pair hit my long target at 1.4450 even higher, topped at 1.4594 and closed at 1.4509. On 4h chart we can see that the pair is now testing the major bearish trend line. A valid breakout to the upside could trigger further bullish momentum targeting 1.4690 area. CCI in overbought area and heading down so watch out for a potential downside rebound testing 1.4430 and 1.4380 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4248
- S2= 1.3987
- S3= 1.3814
- R1= 1.4682
- R2= 1.4855
- R3= 1.5116
USDJPY Outlook
As I had expected, the USDJPY had another bearish momentum yesterday. The pair hit my short target at 94.90, even lower, bottomed at 93.54 and closed at 94.49. The bias remains bearish in nearest term targeting 92.70 area. CCI in oversold area and about to cross the -100 line up on 4h chart so watch out for a potential upside rebound testing 94.70 – 95.00 resistance area.
USDJPY Daily Supports and Resistances:
- S1= 93.15
- S2= 91.82
- S3= 90.10
- R1= 96.20
- R2= 97.92
- R3= 99.25
USDCHF Outlook
The USDCHF made another bearish momentum yesterday. The pair hit my short target at 1.1295, even lower, bottomed at 1.1162 and closed at 1.1230. On 4h chart we can see that the current significant bearish momentum is now testing the main 50% Fibo retracement support around 1.1160 area. Break below that support level could trigger further bearish momentum targeting 1.1090. CCI in oversold area and about to cross the -100 line up on 4h chart so watch out for a potential upside rebound testing 1.1275 and 1.1340 resistance area.
USDCHF Daily Supports and Resistances:
- S1= 1.1109
- S2= 1.0989
- S3= 1.0816
- R1= 1.1402
- R2= 1.1575
- R3= 1.1695
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading, Moving Average
