Mon, 30th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
Finally, the EURUSD made a breakdown to the downside from the ranging area of 1.3735 – 1.3435. After break below 1.3435, the pair made a significant downside movement, bottomed at 1.3256 and closed at 1.3285 on Friday. The bias is bearish is nearest term targeting 1.3090 and 1.2990 area. However we seem to have a strong support at 1.3250 area. Break below that support level could trigger further bearish momentum. CCI in oversold area and heading up on 4h chart so watch out for a potential upside pressure testing 1.3285 – 1.3315 resistance area.
EURUSD Daily Supports and Resistances:
- S1= 1.3164
- S2= 1.3043
- S3= 1.2830
- R1= 1.3498
- R2= 1.3711
- R3= 1.3832
GBPUSD Outlook
The GBPUSD had another bearish momentum on Friday. The pair bottomed at 1.4266 and closed at 1.4316. On 4h chart we can see that the support trendline has been violated to the downside suggesting a potential bearish view. The bias is bearish in nearest term targeting 1.4150 area. However CCI is in oversold area and heading up on 4h chart so watch out for a potential upside pressure testing 1.4330/50 resistance area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4224
- S2= 1.4132
- S3= 1.3998
- R1= 1.4450
- R2= 1.4584
- R3= 1.4676
USDJPY Outlook
The USDJPY failed to continue it’s bullish momentum on Friday. The pair was traded lower, bottomed at 97.11 and closed at 97.83. On hourly chart we can see that the bullish channel has been violated to the downside. The bias is neutral in nearest term. Expect a potential ranging market between 98.80 – 96.80 area. CCI in neutral area in all three time frames (hourly, 4h, daily).
USDJPY Daily Supports and Resistances:
- S1= 97.01
- S2= 96.20
- S3= 95.29
- R1= 98.73
- R2= 99.64
- R3= 100.45
USDCHF Outlook
The USDCHF made a significant bullish momentum on Friday. After break above 1.1360, the pair topped at 1.1478 and closed at 1.1439. The bias is bullish in nearest term targeting 1.1550 and 1.1650 area. However CCI in overbought area and heading down on 4h chart so watch out for a potential downside pressure testing 1.1390 support area.
USDCHF Daily Supports and Resistances:
- S1= 1.1281
- S2= 1.1123
- S3= 1.1025
- R1= 1.1537
- R2= 1.1635
- R3= 1.1793
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
