Thu, 02nd of April, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD made indecisive movement by opened and closed at almost the same price yesterday (1.3248 and 1.3246) formed a Doji formation on daily chart. On 4h chart we have a triangle formation indicating consolidation phase after significant bearish momentum. The bias remains neutral in nearest term. A break from the triangle would give us a clearer direction. Immediate resistance remains at 1.3341. Break above that level could trigger further bullish momentum towards 1.3435 area. Initial support remains at 1.3100. Break below that level could trigger further bearish scenario targeting 1.2950. CCI in neutral area in all three time frames (hourly, 4h, daily)
EURUSD Daily Supports and Resistances:
- S1= 1.3180
- S2= 1.3114
- S3= 1.3062
- R1= 1.3298
- R2= 1.3350
- R3= 1.3416
GBPUSD Outlook
The battle between the trendline support and resistance line on 4h chart I mentioned yesterday seemed to be won by the trendline support. The resistance line (1.4380) failed to hold the bullish power, breakout to the upside, and the pair topped at 1.4465 and closed at 1.4463. The bias is bullish in nearest term targeting 1.4620 area. However CCI already in overbought area and heading down on hourly chart so watch out for a potential downside rebound testing 1.4400 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4335
- S2= 1.4207
- S3= 1.4142
- R1= 1.4528
- R2= 1.4593
- R3= 1.4721
USDJPY Outlook
The USDJPY failed to continue it’s bullish momentum yesterday. The pair attempted to push higher, topped at 99.43 before whipsawed to the downside, hit the bottomed at 98.21 and closed at 98.50. On hourly chart we have a triangle formation indicating a consolidation phase after some bullish momentum. The bias is neutral in nearest term. A break from the triangle area would give us a clearer direction. Immediate resistance is seen at 99.40/60 area. Initial support at 98.30 followed by 97.50. CCI in neutral area on hourly chart.
USDJPY Daily Supports and Resistances:
- S1= 97.99
- S2= 97.49
- S3= 96.77
- R1= 99.21
- R2= 99.93
- R3= 100.43
USDCHF Outlook
The USDCHF had a moderate bullish momentum yesterday. On 4h chart we can see that the bearish power failed to break the 1.1360 key level to the downside before had the bullish momentum, topped at 1.1504 and closed at 1.1452. The bias is bullish in nearest term targeting 1.1550/70 resistance area. Immediate support is seen at 1.1420 area. CCI in neutral area on hourly chart.
USDCHF Daily Supports and Resistances:
- S1= 1.1380
- S2= 1.1308
- S3= 1.1246
- R1= 1.1514
- R2= 1.1576
- R3= 1.1648
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, money trading
