Tue, 07th of April, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD failed to continued it’s bullish scenario yesterday. The pair attempted to push higher, topped at 1.3578 but further bullish scenario was rejected as the pair whipsawed to the downside, hit bottom at 1.3358 and closed at 1.3415. On 4h chart we can see that this was the case of a false breakout of the trendline resistance. Initial support provided by trendline support (blue line) and 38.2 Fibo retracement around 1.3250. Break below that area could trigger further significant bearish scenario towards 1.3050 – 1.3000 area. I think we are now in the no trading zone and should wait for further development. The bias is neutral in nearest term. CCI in neutral area both on 4h and daily chart.
EURUSD Daily Supports and Resistances:
- S1= 1.3322
- S2= 1.3230
- S3= 1.3102
- R1= 1.3542
- R2= 1.3670
- R3= 1.3762
GBPUSD Outlook
The GBPUSD also failed to continued it’s bullish scenario yesterday. The pair attempted to push higher, topped at 1.4956 (24 pips lower from my 1.4980 target) but whipsawed to the downside, hit bottom at 1.4668 and closed at 1.4767. The bias is neutral in nearest term and we are now in no trading zone. Immediate support is seen at 1.4650. Break below that level could trigger further bearish momentum towards 1.4460 area. Initial resistance at 1.4850 followed by 1.4956. CCI about to cross the 100 line down on daily chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.4638
- S2= 1.4509
- S3= 1.4350
- R1= 1.4926
- R2= 1.5085
- R3= 1.5214
USDJPY Outlook
The USDJPY had a moderate bullish momentum yesterday. The pair hit my long target at 101.30, topped at 101.43 but closed lower at 100.97. On hourly chart we can see that the pair is now testing the trendline support. A breakdown could trigger a bearish correction scenario. Immediate support is seen at 100.20/50 area. Break below that area could lead to another bearish momentum towards 99.40 support area. CCI about to cross the 100 line down on 4h chart suggesting a potential downside pressure.
USDJPY Daily Supports and Resistances:
- S1= 100.31
- S2= 99.65
- S3= 99.09
- R1= 101.53
- R2= 102.09
- R3= 102.75
USDCHF Outlook
The USDCHF had a moderate bullish momentum yesterday. The pair topped at 1.1404 and closed at 1.1361. The bias is neutral in nearest term. On 4h chart we can see that the price is now attempting to push higher testing the upper line of the bearish channel. A violation to the upside of the current bearish channel could be a potential momentum for a further bullish scenario. Immediate resistance is seen at 1.1404 (yesterday’s high). Initial support at 1.1340. CCI in neutral area on both 4h and daily chart.
USDCHF Daily Supports and Resistances:
- S1= 1.1264
- S2= 1.1168
- S3= 1.1098
- R1= 1.1430
- R2= 1.1500
- R3= 1.1596
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
