Tue, 14th of April, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD had a significant bullish momentum yesterday. The pair break above 1.3340 resistance, topped at 1.3391 and closed at 1.3367. From the bearish outlook point of view showed by descending triangle on 4h chart below, this bullish momentum is normal, but the fact that the pair slipped above 1.3340 resistance should be a serious warning. If the price could stay above 1.3340 today, we might see another bullish attempt testing 1.3480 – 1.3500 area. CCI in neutral area on daily chart.
EURUSD Daily Supports and Resistances:
- S1= 1.3197
- S2= 1.3028
- S3= 1.2931
- R1= 1.3463
- R2= 1.3560
- R3= 1.3729
GBPUSD Outlook
The GBPUSD also had a significant bullish momentum yesterday. The pair topped at 1.4865 and closed at 1.4851. In a bigger picture on daily chart below we can see that the trendline support is doing a good job keeping the bullish scenario which is started from March 11. The bias is bullish in nearest term testing 1.4960/80 resistance area but remains neutral in medium term. CCI just cross the 100 line down on hourly chart suggesting a potential downside pullback testing 1.4800 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.4680
- S2= 1.4509
- S3= 1.4417
- R1= 1.4943
- R2= 1.5035
- R3= 1.5206
USDJPY Outlook
The USDJPY didn’t make a significant movement yesterday. My focus remains on the bearish reversal scenario showed by the rising wedge formation. On 4h chart we can see that the pair is now testing the trendline support. A break to the downside could trigger potential bearish momentum targeting 99.30 area. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing 100.20/30 resistance area.
USDJPY Daily Supports and Resistances:
- S1= 99.73
- S2= 99.38
- S3= 98.90
- R1= 100.56
- R2= 101.04
- R3= 101.39
USDCHF Outlook
The Greenback slumped against Swiss Franc yesterday. The pair bottomed at 1.1304 and closed at 1.1327. On 4h chart we can see that the pair is now testing the trendline support area. A break to the downside could trigger further bearish scenario towards 1.1200 area. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing 1.1370 resistance area.
USDCHF Daily Supports and Resistances:
- S1= 1.1219
- S2= 1.1112
- S3= 1.0920
- R1= 1.1518
- R2= 1.1710
- R3= 1.1817
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
