Mon, 08th of June, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD had significant bearish momentum on Friday. The pair break below key level 1.4050, bottomed at 1.3931 and closed at 1.3963. For me this fact is a violation to the medium term bullish scenario. On h4 chart below we can see that price is now testing the bullish trendline support. Break below the trendline support should trigger further bearish scenario. The bias is bearish in nearest term targeting 1.3790 area. However CCI in oversold area and about to cross the -100 line up on hourly chart so watch out for potential upside pressure testing 1.4000 - 1.4050 resistance area.
EURUSD Daily Supports and Resistances:
- S1= 1.3842
- S2= 1.3722
- S3= 1.3513
- R1= 1.4171
- R2= 1.4380
- R3= 1.4500
GBPUSD Outlook
The GBPUSD also had significant bearish momentum on Friday. The pair bottomed at 1.5940 and closed at 1.5974. For me this fact indicate the failure of the medium term bullish scenario. The key level at this phase is 1.5950 area. Consistent movement below that area should trigger further bearish momentum targeting 1.5790 area. The bias is bearish in nearest term. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
- S1= 1.5864
- S2= 1.5754
- S3= 1.5569
- R1= 1.6159
- R2= 1.6344
- R3= 1.6454
USDJPY Outlook
The USDJPY had significant bullish momentum on Friday. The pair break above 96.60/70 key level, topped at 98.87 and closed at 98.82. The bias is bullish in nearest term targeting 99.50. However CCI in overbought area and about to cross the 100 line down on hourly chart so watch out for potential downside rebound testing 98.00 – 97.70 support area.
USDJPY Daily Supports and Resistances:
- S1= 97.25
- S2= 95.69
- S3= 94.88
- R1= 99.62
- R2= 100.43
- R3= 101.99
USDCHF Outlook
The USDCHF had bullish momentum on Friday. The pair break above key level 1.0810 before hit the top at 1.0905 and closed at 1.0860. The bias is bullish in nearest term targeting 1.0960 area. Immediate support is seen at 1.0810. Break below that support area could lead us into no trading zone. CCI about to cross the 100 line down on hourly chart suggesting a potential downside pressure.
USDCHF Daily Supports and Resistances:
- S1= 1.0713
- S2= 1.0566
- S3= 1.0470
- R1= 1.0956
- R2= 1.1052
- R3= 1.1199
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
