On-Line Forex Trading Tips

Wed, 08th of April, 2009
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD continued it’s bearish correction yesterday. The pair bottomed at 1.3226 but closed above 1.3250 key support level. The bias is bearish in nearest term but we need a consistent move below 1.3250 to confirm the bearish outlook targeting 1.3050 – 1.3000 area. On daily chart we have triangle formation indicating a consolidation phase in medium term. Immediate resistance is seen at 1.3350 area. CCI in neutral area on daily chart but in oversold area and heading up on 4h chart suggesting a potential upside pressure.

EURUSD Daily Supports and Resistances:

• S1= 1.3192
• S2= 1.3113
• S3= 1.3001
• R1= 1.3383
• R2= 1.3495
• R3= 1.3574

GBPUSD Outlook
The GBPUSD made indecisive movement yesterday. The pair slipped to the downside, bottomed at 1.4581 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 1.4775 and closed at 1.4729. The bias remains unclear in nearest term. On 4h chart we still have a valid bullish channel with some minor bearish channel (correction) suggesting that the bearish momentum in the last two days might be just a “normal” correction in a bullish scenario in longer term. Immediate resistance is seen at 1.4775 (yesterday’s high). Break above that level could trigger further bullish momentum towards 1.4890 area. CCI in neutral area on 4h chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.4615
• S2= 1.4501
• S3= 1.4421
• R1= 1.4809
• R2= 1.4889
• R3= 1.5003

USDJPY Outlook
The USDJPY was corrected lower yesterday. The pair bottomed at 99.86 and closed at 100.39. We have a violated rising wedge formation on 4h chart suggesting a potential bearish reversal scenario. The bias is bearish in nearest term targeting 99.00 area. Immediate resistance is seen at 101.00. CCI in overbought area and heading down on daily chart suggesting a potential downside pressure.

USDJPY Daily Supports and Resistances:

• S1= 99.80
• S2= 99.22
• S3= 98.58
• R1= 101.02
• R2= 101.66
• R3= 102.24

USDCHF Outlook
The USDCHF had another moderate bullish momentum yesterday. The bias remains bullish in nearest term but on hourly chart we can see that the price is now testing the lower line of the bullish channel and former trendline resistance (which is now become support). A breakdown to the downside could be a potential violation to the bullish scenario. Immediate resistance (potential target) is seen at 1.1515. CCI in overbought area and heading down on 4h chart suggesting a potential downside pressure.

USDCHF Daily Supports and Resistances:

• S1= 1.1351
• S2= 1.1280
• S3= 1.1215
• R1= 1.1487
• R2= 1.1552
• R3= 1.1623

Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading