Tue, 24th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD didn’t make significant movement yesterday. On 4 h chart we can see that the pair still trapped in rectangle area (of 1.3735 – 1.3485) after significant bullish momentum. A break from the rectangle area would give us a clearer direction. Breakout to the upside could lead to further bullish momentum targeting 1.3850 while a breakdown to the downside could bring the pair back towards 1.3300 area. The bias is neutral in nearest term but remains bullish in medium term. CCI in neutral area both on hourly and 4h chart.
EURUSD Daily Supports and Resistances:
- S1= 1.3491
- S2= 1.3363
- S3= 1.3242
- R1= 1.3740
- R2= 1.3861
- R3= 1.3989
GBPUSD Outlook
The struggle on the bearish trendline between buyers and sellers on 4h chart seem to be won by the buyers. The bearish trendline has been violated to the upside suggesting a potential bullish outlook. We also still have a valid bullish channel on 4h chart. The bias is bullish in nearest term targeting 1.4700 area. Immediate support is seen at 1.4500 area. CCI heading up and about to cross the 100 line on 4h chart suggesting a potential upside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.4452
- S2= 1.4355
- S3= 1.4259
- R1= 1.4645
- R2= 1.4741
- R3= 1.4838
USDJPY Outlook
As I had expected, the USDJPY had a bullish momentum yesterday. The pair topped at 97.32 and closed at 97.15. The bias remains bullish in nearest term targeting 98.30 area. Immediate support is seen at 96.50. CCI just cross the 100 line up on 4h chart suggesting a potential upside pressure.
USDJPY Daily Supports and Resistances:
- S1= 96.09
- S2= 95.03
- S3= 94.42
- R1= 97.76
- R2= 98.37
- R3= 99.43
USDCHF Outlook
The USDCHF made indecisive movement yesterday formed a Doji formation on daily chart. On 4h chart we can see that the pair is trapped between 38.2% and 50% Fibo retracement (of 1.0370 – 1.1965). The bias is neutral in nearest term but remains bearish in medium term. Immediate resistance is seen at 1.1360. Initial support at 1.1170. Break below that support level could trigger further bearish momentum targeting 1.0980 area. CCI in neutral area on 4h chart.
USDCHF Daily Supports and Resistances:
- S1= 1.1168
- S2= 1.1084
- S3= 1.0999
- R1= 1.1337
- R2= 1.1422
- R3= 1.1506
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
