Fri, 17th of April, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD had a moderate bearish movement yesterday. The pair bottomed at 1.3126 but closed higher at 1.3186. From technical view, as you all know my focus is on the descending triangle pattern which can be seen both on 4h and daily chart with 1.3100 as key support level. Also, although the price has not give us real clear direction, the pair keeps making lower highs and lows for the last three days. However, I think we are still in no trading zone. Important range to watch today is 1.3100 – 1.3290 area. Break below 1.3100 could trigger further bearish momentum testing 1.3000 area. CCI about to cross -100 line up on 4h chart suggesting a potential upside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.3118
- S2= 1.3052
- S3= 1.2978
- R1= 1.3258
- R2= 1.3332
- R3= 1.3398
GBPUSD Outlook
The GBPUSD failed to continue it’s bullish scenario yesterday. The pair attempted to push higher, topped at 1.5065 but failed to stay above 1.5000 psychological level, whipsawed to the downside, hit bottom at 1.4841 and closed at 1.4924. On 4h chart we have rising wedge formation suggesting a potential warning of a bearish reversal scenario. Immediate resistance is seen at 1.4950 – 1.5000 area. Initial support at 1.4841 (yesterday’s low). CCI in overbought area and heading down on daily chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.4821
- S2= 1.4719
- S3= 1.4597
- R1= 1.5045
- R2= 1.5167
- R3= 1.5269
USDJPY Outlook
The USDJPY made indecisive movement yesterday, formed a Doji formation on daily chart. The bullish power could not break above 99.64 resistance, moved lower and bottomed at 98.53 then closed at 99.25. We have triangle formation on hourly chart indicating consolidation. The bias is neutral in nearest term. Immediate resistance remains at 99.64. Break above that level could trigger further bullish momentum targeting 100.50. Initial support at 98.50 area. CCI in neutral area both on 4h and daily chart.
USDJPY Daily Supports and Resistances:
- S1= 98.69
- S2= 98.13
- S3= 97.73
- R1= 99.65
- R2= 100.05
- R3= 100.61
USDCHF Outlook
The USDCHF made another moderate bullish movement yesterday. On hourly chart we can seen that the pair failed to breakdown from the bullish channel. Similar to EURUSD, although the bullish power is not too strong (at least not enough to convince me about the bullish scenario yet) we have higher highs and lows for the last three days. The bias remains neutral in nearest term. Immediate resistance at 1.1515. Break above that level could trigger further bullish momentum targeting 1.1650 area. Initial support at 1.1400 area. CCI just cross the 100 line down on 4h chart suggesting a potential downside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1401
- S2= 1.1340
- S3= 1.1283
- R1= 1.1519
- R2= 1.1576
- R3= 1.1637
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
