Tue, 26th of May, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD bullish momentum was paused yesterday. I think this is a normal correction after significant bullish momentum last week. We might have further downside correction, but in medium term outlook as long as the pair stay above 1.3736 area, the scenario remains bullish. The bias is neutral is in nearest term. Immediate support is remains at 1.3950 followed by 1.3825. Initial resistance at 1.4050. Break above that area could trigger further bullish momentum towards 1.4173. CCI in overbought area and heading down on daily chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
- S1= 1.3967
- S2= 1.3923
- S3= 1.3890
- R1= 1.4044
- R2= 1.4077
- R3= 1.4121
GBPUSD Outlook
The GBPUSD bullish momentum also paused yesterday. The rising wedge formation on hourly chart below has been violated to the downside indicating potential further downside correction. I think we are now still in no trading zone. Immediate support is seen at 1.5780. Break below that area could trigger further bearish correction towards 1.5680 area. Initial resistance at 1.5950. Break above that area could trigger further bullish momentum towards 1.6050 area. CCI in overbought area and heading down on daily chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.5846
- S2= 1.5787
- S3= 1.5742
- R1= 1.5950
- R2= 1.5995
- R3= 1.6054
USDJPY Outlook
The USDJPY made indecisive movement yesterday by opened and closed at almost the same price. The bias is neutral in nearest term but the Hammer formation appeared on on Friday should remains a potential upside correction warning. Immediate resistance is seen at 95.18 (yesterday’s high) followed by 95.65. Break above that area could trigger further bullish correction towards 96.60/70 key resistance level. Initial support at 94.41 (yesterday’s low). CCI in neutral area on h4 chart.
USDJPY Daily Supports and Resistances:
- S1= 94.42
- S2= 94.03
- S3= 93.65
- R1= 95.19
- R2= 95.57
- R3= 95.96
USDCHF Outlook
The USDCHF made indecisive movement yesterday. On daily chart below we have inverted hammer formation indicating a potential upside correction. The bias remains neutral in nearest term and I think we are now in no trading zone. Immediate support is seen at 1.0810. Initial resistance at 1.0950. CCI in neutral area on hourly chart.
USDCHF Daily Supports and Resistances:
- S1= 1.0801
- S2= 1.0780
- S3= 1.0746
- R1= 1.0856
- R2= 1.0890
- R3= 1.0911
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
