Wed, 03rd of June, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
After break above 1.4245 area, yesterday the EURUSD continued it’s bullish momentum. The pair topped at 1.4329 and closed at 1.4304. The bias is bullish in nearest term but we seem to have good resistance around 1.4356 area (December 29 2008 high). Break above that area could trigger further bullish scenario towards 1.4434. However CCI just cross the 100 line down on hourly chart suggesting a potential downside correction testing 1.4245 support area.
EURUSD Daily Supports and Resistances:
- S1= 1.4160
- S2= 1.4016
- S3= 1.3932
- R1= 1.4388
- R2= 1.4472
- R3= 1.4616
GBPUSD Outlook
As I had expected, the GBPUSD made another bullish momentum yesterday. The pair hit my long target at 1.6560 even higher, topped at 1.6595 and closed at 1.6578. The bias remains bullish in nearest term targeting 1.6670 area. However CCI just cross the 100 line down on hourly chart so watch out for potential downside rebound testing 1.6495 support area.
GBPUSD Daily Supports and Resistances:
- S1= 1.6405
- S2= 1.6232
- S3= 1.6137
- R1= 1.6673
- R2= 1.6768
- R3= 1.6941
USDJPY Outlook
The USDJPY had bearish momentum yesterday. On h4 chart below we can see that 96.60 is a very strong resistance at this phase. As long as the pair stay below that level, we might see further bearish pressure. The bias is bearish in nearest term targeting 94.50 but we seem to have good support around 95.50 area. Break below that area could trigger further bearish momentum. CCI in neutral area on h4 chart.
USDJPY Daily Supports and Resistances:
- S1= 95.14
- S2= 94.57
- S3= 93.83
- R1= 96.45
- R2= 97.19
- R3= 97.76
USDCHF Outlook
The USDCHF continued it’s bearish scenario yesterday. The pair bottomed at 1.0590 and closed at 1.0613. The bias remains bearish in nearest term targeting 1.0480. However CCI just cross the -100 line up on hourly chart so watch out for potential upside rebound testing 1.0750 resistance area.
USDCHF Daily Supports and Resistances:
- S1= 1.0554
- S2= 1.0496
- S3= 1.0402
- R1= 1.0706
- R2= 1.0800
- R3= 1.0858
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
