Mon, 23th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
For the first time since March 10, the bullish momentum of the EURUSD was paused on Friday, hold by strong resistance around 1.3725 area (38.2 %Fibo retracement of 1.6037 – 1.2327). On hourly chart we can see that the pair is consolidating in rectangle area. Break from the rectangle would give us a clearer direction. The bias is neutral in nearest term but remains bullish in medium term. Immediate resistance is seen at 1.3725/30 area. Break above that level could trigger further bullish momentum targeting 1.3850 area. Initial support at 1.3515. CCI in neutral area on 4h chart.
EURUSD Daily Supports and Resistances:
- S1= 1.3488
- S2= 1.3398
- S3= 1.3281
- R1= 1.3695
- R2= 1.3812
- R3= 1.3902
GBPUSD Outlook
The GBPUSD also corrected lower on Friday. On 4h chart we can see that after had significant bullish momentum, the pair is now struggling with bearish trendline resistance area. Be patient at this phase. Consistent move above the bearish trendline should trigger further bullish momentum. The bias is neutral in nearest term but remains bullish in medium term. Immediate support is seen at 1.4390. Initial resistance at 1.4590. Break above that level could trigger further bullish momentum targeting 1.4700 area. CCI just cross the 100 line down on 4h chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.4373
- S2= 1.4286
- S3= 1.4179
- R1= 1.4567
- R2= 1.4674
- R3= 1.4761
USDJPY Outlook
After two days of significant bearish movement, the USDJPY had a bullish momentum on Friday. On 4h chart we can see that the bearish momentum was rejected by 61.8% Fibo retracement support area. At the same time, we have a Hammer candle stick formation which gave us a valid warning about exhausting bearish power and a potential bullish correction. The bias is bullish in nearest term targeting 97.50 area. Immediate support is seen at 95.50. CCI in oversold area and heading up on daily chart suggesting a potential upside pressure.
USDJPY Daily Supports and Resistances:
- S1= 94.63
- S2= 93.33
- S3= 92.52
- R1= 96.74
- R2= 97.55
- R3= 98.85
USDCHF Outlook
The Greenback made a minor recovery against Swiss Franc on Friday. On 4h chart we can see that further bearish momentum was rejected by 50% Fibo retracement support area around 1.1170. Break below that support level could trigger further bearish momentum targeting 1.0980 area. The bias is neutral in nearest term but remains bearish in medium term. CCI just cross the -100 line up on 4h chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1203
- S2= 1.1137
- S3= 1.1090
- R1= 1.1316
- R2= 1.1363
- R3= 1.1429
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
