Thu, 26th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
Patience. That is all we need right now. The EURUSD still trapped between 1.3735 – 1.3435 area in the last 5 days and we need a valid breakout on either side. The bias remains neutral in nearest term and bullish in medium term. I think it’s better to stay away right now and wait for further development. Remember, doing nothing (no trade) when the market is trendless (unless you are a scalper) is one of the most important skills a trader must have. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure, but in neutral area on 4h chart.
EURUSD Daily Supports and Resistances:
- S1= 1.3447
- S2= 1.3317
- S3= 1.3217
- R1= 1.3677
- R2= 1.3777
- R3= 1.3907
GBPUSD Outlook
The GBPUSD was corrected lower yesterday. On 4h chart we can see that the former trendline resistance has a new task as support. A violation to the downside could trigger further bearish correction back towards 1.4350 area. The bias is neutral in nearest term but bullish medium outlook remains intact. Immediate support is seen at 1.4450. Initial resistance at 1.4700. CCI in overbought area and heading down towards 100 line on daily chart suggesting a potential bearish pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.4466
- S2= 1.4387
- S3= 1.4262
- R1= 1.4670
- R2= 1.4795
- R3= 1.4874
USDJPY Outlook
The USDJPY made indecisive movement yesterday. The bullish power unable to break the trendline resistance so far and the upside scenario remains paused. The bias is neutral in nearest and medium term. It’s better to stay away from the market at this phase. Immediate support is seen at 96.50. Initial resistance at 98.50. CCI in neutral area in all three time frames (hourly, 4h, daily).
USDJPY Daily Supports and Resistances:
- S1= 96.93
- S2= 96.20
- S3= 95.51
- R1= 98.35
- R2= 99.04
- R3= 99.77
USDCHF Outlook
Similar to EURUSD, we have a boring market on USDCHF as the price still trapped in rectangle area between 1.1360 – 1.1170 in the last 4 days. Be patient and do nothing until we have a breakout on either side. A breakout to the upside would lead to further bullish momentum towards 1.1470 while a breakdown to the downside would trigger further bearish outlook targeting 1.0980 area. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1145
- S2= 1.1077
- S3= 1.0986
- R1= 1.1304
- R2= 1.1395
- R3= 1.1463
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
