On-Line Forex Trading Tips

Tue, 02nd of June, 2009
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD attempted to push higher yesterday. The pair hit my long target at 1.4220, topped at 1.4245 but the bullish momentum seemed limited as the pair closed lower at 1.4151. On hourly chart below we have triangle formation indicating consolidation. The bias is neutral in nearest term but remains bullish in medium term. Immediate support is seen at 1.4140 followed by the key level 1.4050. Initial resistance at 1.4245 (yesterday’s high). Break above that area could trigger further bullish momentum targeting 1.4350 area. CCI just cross the 100 line down on h4 chart suggesting a potential downside correction.

EURUSD Daily Supports and Resistances:

• S1= 1.4084
• S2= 1.4017
• S3= 1.3937
• R1= 1.4231
• R2= 1.4311
• R3= 1.4378

GBPUSD Outlook

The GBPUSD continued it’s bullish momentum yesterday. The pair hit my long target at 1.6290, even higher, topped at 1.6496 and closed at 1.6438. On hourly chart below we have a valid bullish channel indicating bullish scenario. The bias remains bullish in nearest term targeting 1.6560 and 1.6670 area. Immediate support is seen at 1.6420 followed by 1.6360. CCI in overbought area and heading down on h4 chart suggesting a potential minor downside correction.

GBPUSD Daily Supports and Resistances:

• S1= 1.6233
• S2= 1.6028
• S3= 1.5897
• R1= 1.6569
• R2= 1.6700
• R3= 1.6905

USDJPY Outlook

The USDJPY had a bullish momentum yesterday. The pair attempted to push lower, hit my short target at 94.50, bottomed at 94.43 but whipsawed to the upside and closed higher at 96.59. This fact bring us into no trading zone in nearest term. Consistent move above 96.60 area should trigger further bullish momentum. Initial support at 94.50 area. CCI in neutral area on h4 chart.

USDJPY Daily Supports and Resistances:

• S1= 95.08
• S2= 93.57
• S3= 92.72
• R1= 97.44
• R2= 98.29
• R3= 99.80

USDCHF Outlook

The USDCHF bearish momentum was paused yesterday. The pair attempted to push lower, bottomed at 1.0616 but closed higher at 1.0705. On hourly chart below we have minor bullish channel indicating minor bullish correction. The bias is neutral in nearest term. However as long as the pair stay below 1.0810 the medium bias remains bearish. CCI in neutral area on h4 chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0639
• S2= 1.0574
• S3= 1.0532
• R1= 1.0746
• R2= 1.0788
• R3= 1.0853

Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading