Mon, 06nd of April, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push lower on Friday, bottomed at 1.3365 but further downside correction was rejected as the pair closed higher at 1.3486. On 4h chart we can see that the bearish trendline resistance has been violated to the upside (now become an important support line) suggesting a potential bullish outlook. The bias is bullish targeting 1.3650 and 1.3750. However CCI already in overbought area and heading down on hourly chart so watch out for a potential downside pullback testing 1.3515 – 1.3450 support area.
EURUSD Daily Supports and Resistances:
- S1= 1.3402
- S2= 1.3319
- S3= 1.3273
- R1= 1.3531
- R2= 1.3577
- R3= 1.3660
GBPUSD Outlook
After breakout above key level 1.4774, the GBPUSD continued it’s bullish momentum on Friday, topped at 1.4843 and closed at 1.4823. The bias is bullish in nearest term targeting 1.4980 – 1.5000 area. However CCI about to cross the 100 line down on 4h chart so watch out for a potential downside pullback testing 1.4800 – 1.4774 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4699
- S2= 1.4575
- S3= 1.4503
- R1= 1.4895
- R2= 1.4967
- R3= 1.5091
USDJPY Outlook
After had a consistent movement above 99.66 resistance area, the USDJPY continued it’s bullish momentum on Friday, topped at 100.36 and closed at 100.25. The bias remains bullish in nearest term targeting 101.30 area. However CCI already in overbought area in all three time frames (hourly, 4h, daily) so watch out for a potential exhausted bullish power testing 100.00 - 99.70 support area.
USDJPY Daily Supports and Resistances:
- S1= 99.60
- S2= 98.96
- S3= 98.58
- R1= 100.62
- R2= 101.00
- R3= 101.64
USDCHF Outlook
The USDCHF had a moderate bearish momentum on Friday. The pair bottomed at 1.1296 and closed at 1.1308. On 4 chart we still have valid bearish channel. As long as the pair stay below 1.1360 the bias remains bearish. Initial support (potential bearish target) is seen at 1.1170. CCI in oversold area and heading up on hourly chart suggesting a potential minor upside correction.
USDCHF Daily Supports and Resistances:
- S1= 1.1273
- S2= 1.1238
- S3= 1.1181
- R1= 1.1365
- R2= 1.1422
- R3= 1.1457
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
