Fri, 27th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
EURUSD still made no significant movement yesterday, trapped between 1.3735 – 1.3435 area. We have no clear direction so far and remain in the “no trade zone”. Daily CCI just cross the 100 line down suggesting a potential bearish view, but as long as price stay above 1.3435 the bearish scenario is not yet confirmed. Consistent movement below 1.3435 could trigger further bearish momentum targeting 1.2990 area.
EURUSD Daily Supports and Resistances:
- S1= 1.3467
- S2= 1.3408
- S3= 1.3323
- R1= 1.3611
- R2= 1.3696
- R3= 1.3755
GBPUSD Outlook
The GBPUSD had another bearish momentum yesterday. On 4h chart we can see that the pair is now in a very important phase where price testing the support trendline. The bias is bearish in nearest term but I think it’s better to wait until the trendline support violated to the downside before jump into the market targeting 1.4250 area. CCI just cross the -100 line up on hourly chart so watch out for a potential upside pressure testing 1.4510 resistance area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4375
- S2= 1.4291
- S3= 1.4161
- R1= 1.4589
- R2= 1.4719
- R3= 1.4803
USDJPY Outlook
The USDJPY had a significant bullish momentum yesterday. On 4h chart we can see that the trendline resistance has been violated to the upside suggesting potential bullish scenario. The bias is bullish in nearest term targeting 99.70 area. However CCI about to cross the 100 line down on hourly chart so watch out for a potential downside rebound testing 98.00/30 support area.
USDJPY Daily Supports and Resistances:
- S1= 97.87
- S2= 96.94
- S3= 96.45
- R1= 99.29
- R2= 99.78
- R3= 100.71
USDCHF Outlook
Still no significant movement. Keep stay away from the market until we have a valid breakout/down from the choppy area (1.1360 – 1.1170). Daily CCI about to cross the -100 line up suggesting a potential bullish view. Break above 1.1360 could trigger further bullish momentum targeting 1.1470 area.
USDCHF Daily Supports and Resistances:
- S1= 1.1205
- S2= 1.1140
- S3= 1.1099
- R1= 1.1311
- R2= 1.1352
- R3= 1.1417
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
