Fri, 15th of May, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push lower yesterday, bottomed at 1.3525 but further bearish momentum was rejected as the pair whipsawed to the upside, hit the top at 1.3663 and closed at 1.3639. I think we are now in no trading zone area. Key support level is seen at 1.3525 and around trendline support area on hourly chart below. Break below that area could trigger further bearish momentum towards 1.3400. Initial resistance at 1.3736. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.3555
- S2= 1.3471
- S3= 1.3417
- R1= 1.3693
- R2= 1.3747
- R3= 1.3831
GBPUSD Outlook
After corrected lower on Wednesday, yesterday the GBPUSD had a moderate bullish momentum. On hourly chart below we have “head and shoulders” formation which is technically considered as potential bearish reversal with neckline around 1.5050 area. Break below that area should trigger further bearish scenario. However the bias remains neutral in nearest term and I think we are now in no trading zone. Immediate resistance is seen at 1.5370. CCI about to cross the 100 line down on hourly chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.5114
- S2= 1.4993
- S3= 1.4927
- R1= 1.5301
- R2= 1.5367
- R3= 1.5488
USDJPY Outlook
USDJPY was corrected higher yesterday. I think this is a normal correction movement after significant bearish since May 08. The bias is neutral in nearest term. Key resistance level is seen at 96.60/70. As long as the pair stay below that area we might see further bearish pressure, but break above that area would lead us into no trading zone. CCI in oversold area and heading up on daily chart suggesting a potential upside pressure.
USDJPY Daily Supports and Resistances:
- S1= 95.30
- S2= 94.84
- S3= 94.57
- R1= 96.03
- R2= 96.30
- R3= 96.76
USDCHF Outlook
The USDCHF made another boring market, still trapped in the rectangle area of 1.1104 – 1.1004. The bias remains neutral in nearest term. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1004
- S2= 1.0968
- S3= 1.0911
- R1= 1.1097
- R2= 1.1154
- R3= 1.1190
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
