On-Line Forex Trading Tips

Thu, 16th of April, 2009
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD attempted to push lower yesterday. The pair bottomed at 1.3146 but further bearish scenario was rejected as the pair closed higher at 1.3225. On 4 chart below we can see that the trendline support still doing a good job preventing the pair from further bearish attack. The bias is neutral in nearest term. Immediate resistance is seen at 1.3270. Break above that level could trigger further bullish momentum testing 1.3340. Initial support at 1.3100 area. CCI in neutral area in all three time frames (hourly, 4h, daily).

EURUSD Daily Supports and Resistances:

• S1= 1.3149
• S2= 1.3073
• S3= 1.3001
• R1= 1.3297
• R2= 1.3369
• R3= 1.3445

GBPUSD Outlook
The GBPUSD continued its’ bullish momentum yesterday. The pair break above important resistance at 1.4980, topped at 1.5034 and closed at 1.4995. Technically the bias is bullish in nearest term but 1.5000 area is a psychological level so I think the pair need to stay above it to confirm the bullish scenario targeting 1.5200 area. CCI about to cross the 100 line down on 4 chart so watch out for a potential downside pressure testing 1.4970/50 support area. Break below that area would take the pair into neutral bias.

GBPUSD Daily Supports and Resistances:

• S1= 1.4866
• S2= 1.4737
• S3= 1.4653
• R1= 1.5079
• R2= 1.5163
• R3= 1.5292

USDJPY Outlook
The USDJPY was corrected higher yesterday. On hourly chart we have a Hammer candlestick formation appeared followed by significant bullish correction. The bias is bullish in nearest term but we need a break above 99.64 area to confirm further bullish correction scenario towards 100.50 area. Immediate support at 98.90. CCI in neutral area in all three time frames (hourly, 4h, daily).

USDJPY Daily Supports and Resistances:

• S1= 98.44
• S2= 97.55
• S3= 96.95
• R1= 99.93
• R2= 100.53
• R3= 101.42

USDCHF Outlook
The USDCHF attempted to push higher yesterday. The pair topped at 1.1485 but closed lower at 1.1426. The bias remains neutral in nearest term. We still have bullish channel on hourly chart and the price is moving lower testing the lower line of the bullish channel. A breakdown to the downside could trigger further bearish momentum towards 1.1350 area. Immediate resistance is seen at 1.1485 – 1.1515 area. CCI in neutral area in all three time frames (hourly, 4h, daily).

USDCHF Daily Supports and Resistances:

• S1= 1.1365
• S2= 1.1304
• S3= 1.1244
• R1= 1.1486
• R2= 1.1546
• R3= 1.1607

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