Tue, 31th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push lower yesterday, bottomed at 1.3113 but further bearish scenario was rejected as the pair closed higher at 1.3197. On 4 chart we have a Hammer candlestick formation around 50% Fibo retracement area at 1.3100 suggesting a strong support and potential upside rebound. The bias is neutral in nearest term. Immediate resistance is seen at 1.3250. Break above that resistance could trigger further bullish momentum back towards 1.3435 area. Initial support at 1.3100 area. Break below that support area could trigger further bearish momentum targeting 1.2950. CCI just cross the -100 line up on 4h chart suggesting a potential upside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.3112
- S2= 1.3027
- S3= 1.2941
- R1= 1.3283
- R2= 1.3369
- R3= 1.3454
GBPUSD Outlook
The GBPUSD hit my short target at 1.4150, even lower, bottomed at 1.4110 but further bearish scenario was rejected as the pair closed higher at 1.4264. On 4h chart we can see that the bearish power failed to make a breakdown below the trendline support and then rebounded back to the upside. The bias is neutral in nearest term. A valid break below the trendline support should trigger further bearish scenario testing 1.4000 area. Immediate resistance is seen at 1.4280 followed by 1.4360. CCI just cross the -100 line up on 4h chart suggesting a potential upside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.4151
- S2= 1.4038
- S3= 1.3966
- R1= 1.4336
- R2= 1.4408
- R3= 1.4521
USDJPY Outlook
The USDJPY slipped to the downside hit low at 95.97 but further bearish scenario was rejected as the pair closed higher at 97.24. The bias is neutral in nearest term. We have a “flag” formation on 4h chart suggesting a potential bullish scenario. At the same time, CCI just cross the -100 line up on 4h chart suggesting a potential upside pressure. Breakout to the upside of “flag” area could trigger further bullish momentum towards 98.80 area.
USDJPY Daily Supports and Resistances:
- S1= 96.04
- S2= 94.84
- S3= 93.71
- R1= 98.37
- R2= 99.50
- R3= 100.70
USDCHF Outlook
The USDCHF attempted to push higher yesterday, topped at 1.1547 but further bullish scenario was rejected as the pair closed lower at 1.1484 made a Doji formation on daily chart indicating an indecisive market. The bias is neutral in nearest term. Immediate support is seen at 1.1450. Initial resistance at 1.1550. CCI just cross the 100 line down on 4h chart suggesting a potential downside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1433
- S2= 1.1382
- S3= 1.1325
- R1= 1.1541
- R2= 1.1598
- R3= 1.1649
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
