Tue, 12th of May, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD was corrected lower yesterday. On hourly chart below we have a “flag” formation which technically is considered as continuation pattern. A breakout to the upside of the “flag” could trigger further bullish scenario towards 1.3736 area. However the bias is neutral in nearest term. Immediate support is seen at 1.3560 followed by 1.3500. Initial resistance at 1.3666 area (yesterday’s high). CCI in neutral area on h4 chart.
EURUSD Daily Supports and Resistances:
- S1= 1.3536
- S2= 1.3492
- S3= 1.3427
- R1= 1.3645
- R2= 1.3710
- R3= 1.3754
GBPUSD Outlook
The GBPUSD also corrected lower yesterday. On hourly chart below we can see that the pair is now testing the trendline support area. The bias is neutral in nearest term. Immediate support is seen at 1.5050 area. Break below that could trigger further bearish momentum towards 1.4940. Initial resistance at 1.5242 followed by 1.5371. CCI about to cross the 100 line down on daily chart suggesting a potential downside pressure but neutral in hourly and h4 chart.
GBPUSD Daily Supports and Resistances:
- S1= 1.5040
- S2= 1.4966
- S3= 1.4865
- R1= 1.5215
- R2= 1.5316
- R3= 1.5390
USDJPY Outlook
The USDJPY had another bearish momentum yesterday. On hourly chart below we can see that after break below 97.90 support area, the pair bottomed at 97.25 and closed at 97.46. The bias is bearish in nearest term testing 96.80 support area. However CCI in oversold area and heading up on h4 chart so watch out for a potential upside rebound testing 97.90 resistance (former support) area. Break above that area could lead us into no trading zone.
USDJPY Daily Supports and Resistances:
- S1= 96.87
- S2= 96.28
- S3= 95.31
- R1= 98.43
- R2= 99.40
- R3= 99.99
USDCHF Outlook
The USDCHF was corrected higher yesterday. The pair topped at 1.1104 and closed at 1.1092. In nearest term, as long as the pair stay below 1.1160 resistance area, any upside correction is normal considering significant bearish momentum since April 20. Immediate support is seen at 1.1020 (yesterday’s low). Break below that level could trigger further bearish momentum towards 1.0950 area. CCI in oversold area and heading up on daily chart suggesting a potential downside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1040
- S2= 1.0988
- S3= 1.0956
- R1= 1.1124
- R2= 1.1156
- R3= 1.1208
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
