Wed, 10th of June, 2009
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD had a bullish momentum yesterday. On h4 chart below we can see that the bearish power failed to break below 1.3790 support area and support trendline still hold. The bias is bullish in nearest term but we seem to have important resistance around 1.4100 area. Break above that area should trigger further bullish momentum targeting 1.4240 area. However CCI just cross the 100 line down on h1 chart suggesting a potential downside pressure testing 1.4050 - 1.3980 support. Break below that area could lead us into no trading zone.
EURUSD Daily Supports and Resistances:
- S1= 1.3910
- S2= 1.3757
- S3= 1.3663
- R1= 1.4157
- R2= 1.4251
- R3= 1.4404
GBPUSD Outlook
The GBPUSD also had bullish momentum yesterday. On h4 chart below we can see that the trendline support and 1.5790 area provided strong support area for medium term. The minor bearish channel has been violated to the upside suggesting potential bullish outlook testing 1.6660 (June 03 high) area in medium term. The bias is bullish in nearest term testing 1.6435. However CCI just cross the 100 line down on h1 chart so watch out for potential downside pressure testing 1.6230 support area. Break below that area could lead us into no trading zone. Be very patient at this phase.
GBPUSD Daily Supports and Resistances:
- S1= 1.6071
- S2= 1.5840
- S3= 1.5696
- R1= 1.6446
- R2= 1.6590
- R3= 1.6821
USDJPY Outlook
The USDJPY had a bearish momentum yesterday. The pair bottomed at 97.24 and closed at 97.36. From bigger point of view on daily chart below we can see that the pair still trapped in triangle formation indicating consolidation phase. However the bias is bearish in nearest term targeting 96.50 area. Immediate resistance is seen at 97.90 area. CCI about to cross the 100 line down on daily chart suggesting a potential downside pressure.
USDJPY Daily Supports and Resistances:
- S1= 96.88
- S2= 96.40
- S3= 95.57
- R1= 98.19
- R2= 99.02
- R3= 99.50
USDCHF Outlook
The USDCHF failed to continue it’s bullish momentum. On h4 chart below we can see that price made a false breakout from trendline resistance indicating bullish scenario failure. The bias is bearish in nearest term targeting 1.0690. However CCI just cross the -100 line up on h1 chart so watch out for a potential upside pressure testing 1.0810 resistance area. Break above that area should lead us to no trading zone.
USDCHF Daily Supports and Resistances:
- S1= 1.0712
- S2= 1.0642
- S3= 1.0522
- R1= 1.0902
- R2= 1.1022
- R3= 1.1092
Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
