Wed, 20th of May, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD continued it’s bullish momentum yesterday. On hourly chart below, we can see that after breakout to the upside of the bearish channel, the pair had bullish momentum, topped at 1.3666 and closed at 1.3630. The bias is neutral in nearest term but bullish in medium term. Immediate resistance is seen at 1.3666 area (yesterday’s high). Break above that area could trigger further bullish momentum towards 1.3721. Initial support at 1.3575 followed by 1.3500. CCI about to cross 100 line up on h4 chart suggesting a potential upside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.3551
- S2= 1.3472
- S3= 1.3415
- R1= 1.3687
- R2= 1.3744
- R3= 1.3823
GBPUSD Outlook
The GBPUSD had another bullish momentum yesterday. On h4 chart below we can see that after break above key level 1.5370 the pair had a bullish momentum, topped at 1.5521 and closed at 1.5474. The bias is neutral in nearest term but bullish in medium term. Immediate resistance is seen at 1.5525. Break above that area could trigger further bullish momentum towards 1.5650 and 1.5720. Initial support at 1.5435 followed by 1.5380. CCI in overbought area and heading down on h4 chart suggesting potential downside rebound.
GBPUSD Daily Supports and Resistances:
- S1= 1.5338
- S2= 1.5202
- S3= 1.5111
- R1= 1.5565
- R2= 1.5656
- R3= 1.5792
USDJPY Outlook
The USDJPY attempted to make further upside correction yesterday, but failed to break above key level 96.60/70 area before closed lower at 95.95. I think we still in no trading zone area now and it’s better to stay away from the market and wait for further development. Immediate support is seen at 95.80 followed by 95.40. CCI in neutral area both on h4 and daily chart.
USDJPY Daily Supports and Resistances:
- S1= 95.67
- S2= 95.39
- S3= 94.89
- R1= 96.45
- R2= 96.95
- R3= 97.23
USDCHF Outlook
The USDCHF had a moderate bearish momentum yesterday. On hourly chart below, we can see that the trendline support has been violated to the downside and the pair is now traded below 1.1100. The bias is bearish in nearest term targeting 1.1025 and 1.0950. Immediate resistance is seen at 1.1160. Break above that area could lead us into no trading zone. CCI about to cross the -100 line down on h4 chart suggesting a potential downside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.1052
- S2= 1.1014
- S3= 1.0959
- R1= 1.1145
- R2= 1.1200
- R3= 1.1238
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
