Wed, 25th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD was traded lower yesterday. On 4h chart we can see that after hit 1.3735 key resistance level, the pair made a significant downside correction testing 23.6% Fibo retracement support level around 1.3435 area. Break below that support level could trigger further bearish correction towards 1.3250. The bias remains neutral in nearest term. We have conflicting daily and hourly CCI. Hourly CCI just cross -100 line up suggesting a potential upside pressure while daily CCI about to cross 100 line down suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.3374
- S2= 1.3280
- S3= 1.3129
- R1= 1.3619
- R2= 1.3770
- R3= 1.3864
GBPUSD Outlook
As I had expected, GBPUSD had a bullish momentum yesterday. The pair hit my long target at 1.4700, even higher, topped at 1.4774 and closed at 1.4692. The bias remains bullish in nearest term testing important resistance at 1.4990 area. However CCI about to cross the 100 line down on 4h chart so watch out for a potential downside rebound testing 1.4650. Break below that support level could lead us into no trading zone.
GBPUSD Daily Supports and Resistances:
- S1= 1.4569
- S2= 1.4446
- S3= 1.4344
- R1= 1.4794
- R2= 1.4896
- R3= 1.5019
USDJPY Outlook
As I had expected, the USDJPY had another bullish momentum yesterday. The pair hit my long target at 98.30, even further, topped at 98.53 but closed lower at 97.83. On 4h chart we can see that after traded around bearish trendline the bullish power was paused and the pair made some moderate downside rebound. The bias remains bullish in nearest term but it’s better to wait until the trendline is violated to the upside to confirm the bullish view targeting 99.50 area. CCI just cross the 100 line down on 4h chart so watch out for a potential downside rebound testing 97.50 support area.
USDJPY Daily Supports and Resistances:
- S1= 96.97
- S2= 96.12
- S3= 95.34
- R1= 98.60
- R2= 99.38
- R3= 100.20
USDCHF Outlook
The USDCHF made another indecisive movement yesterday. On 4h chart we can see that the pair still trapped between 38.2% (1.1360) and 50% (1.1170) Fibo retracement (of 1.0370 – 1.1965). We need a break on either side to find clearer direction. The bias remains neutral in nearest term. I think it’s better to stay away right now and wait for further development. CCI about to cross the -100 line up on daily chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1237
- S2= 1.1165
- S3= 1.1122
- R1= 1.1352
- R2= 1.1395
- R3= 1.1506
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
