On-Line Forex Trading Tips

The EURUSD bearish momentum was paused yesterday. On h4 chart below we can see that after breakdown from the broadening formation price retreat to the upside but still able to stay outside the broadening formation so far. Technically speaking, a retreat or a pullback after breakout/breakdown is normal and often happen in the market and as long price stay outside the formation, the bearish scenario remains intact.

We have US GDP data today that should be a very important data. A worse than expected GDP should be good for the Greenback and we should see further Euro weakness towards 1.3870 while a better data could cancel the bearish outlook and probably trigger significant strength for the Euro re-testing 1.4336 once again. Good luck

The GBPUSD failed to continued it’s bearish momentum yesterday, topped at 1.6525 and closed at 1.6491. Surely we haven’t seen significant move and clear direction so far, but we have US GDP data today that could be very important data that could trigger significant movement and potential clearer direction. A worse that expected GDP should be good for the Dollar and we should have a bearish momentum testing trendline support as seen on daily chart below, and if the trendline support is broken we should have further bearish scenario testing key level 1.6000. However, a better than expected GDP should be good for the Cable and give us potential bullish scenario re-testing 1.6660 area. Good luck

USD/JPY Forecast

The USDJPY had a significant bullish momentum yesterday. The triple top formation has been violated to the upside indicating potential bullish outlook testing 96.50 – 97.00 area. However it’s still too early for bullish outlook in medium term since actually the pair is still below the trendline resistance. The current bullish momentum might be strong enough to test the trendline resistance but until it is broken, the bullish scenario is not confirmed yet. In nearest term, as long as the pair stay above 95.30 area, I prefer a bullish outlook. But once traded below that area, we should see further bearish pullback.

USDCHF Forecast

The USDCHF had indecisive movement yesterday, formed a Doji on daily chart. As you can see on h4 chart below, the pair attempted to push higher but failed to stay consistently above 1.0922 area. Important range to be watched today is 1.0922 – 1.0800. A breakout/breakdown from that range area should give us a clearer direction. A breakout above 1.0922 should trigger further upside momentum towards 1.1022 while a breakdown below 1.0800 should trigger further bearish scenario back towards 1.0620 area.

EURJPY Forecast
The EURJPY had a bullish momentum yesterday, topped at 134.87 and closed at 134.40. On h4 chart below we can see that technical mess continue as the pair now back above the trendline indicating indecisive, market hesitation and unclear direction. What is the best thing to do in this situation? Nothing. Just stay away from the market until we have a clear direction. Immediate resistance at 134.90. Break above that area could trigger further bullish momentum re-testing 136.08 area. Initial support at 133.20.

GBPJPY Forecast
The GBPJPY had a bullish momentum yesterday. On h4 chart below we can see that the rising wedge bearish scenario has failed as the price maintain position convincingly above the trendline. This fact should be seen as potential bullish outlook at least testing 158.60 area. However, CCI about to cross the 100 line down on h4 chart suggesting potential downside pullback testing 157.00 – 156.50 support area. Break below that area should be seen as potential bullish failure.

AUDUSD Forecast
As I had expected, the AUDUSD had another bullish momentum yesterday after corrected lower on Wednesday. Today we have US GDP data that should be very important for us to determine whether we have confirmation on bullish continuation scenario or go back into boring range market or even potential bearish scenario. A worse than expected GDP data should cancel the bullish outlook while a better than expected data should support bullish outlook towards 0.8500 area. Good luck

Labels: Forex Analysis, forex signal, Forex Trend, FX Instructor, Market Analysis, Market Trend, money trading, Moving Average

EURUSD Forecast
The EURUSD made indecisive movement yesterday. The pair attempted to push higher, hit a seven week high at 1.4297 but closed lower at 1.4242. We are getting closer to the key level 1.4336. Only a clear break above that area should give us a bullish view towards 1.4719 area. Until that happen, I still prefer to keep stay out. We have been patiently waiting for several weeks now so it should not be a problem to wait just a little more (I hope). Immediate support at 1.4150. Break below that area should trigger further bearish pressure towards 1.4050.

GBPUSD Forecast

The GBPUSD attempted to push lower yesterday, bottomed at 1.6380 but further bearish pressure was rejected as the pair whipsawed to the upside, hit the top at 1.6522 and closed at 1.6490. On h4 chart below we can see that it was a case of a false breakout from the rising wedge formation. The bias is neutral both in nearest and medium term. Immediate resistance at 1.6590. Initial support at 1.6380. Break below that area should trigger further bearish momentum.

USDJPY Forecast

The USDJPY had a moderate bullish momentum yesterday. The pair has been able to stay above key level 94.60 in the last three days. The bias is bullish in nearest term testing 96.05 area but remains neutral in medium term. CCI almost cross the 100 line on h4 chart suggesting potential upside pressure.

USDCHF Forecast
The USDCHF made indecisive movement yesterday, formed a Doji formation on Daily chart. On h4 chart below we also have triangle formation indicating consolidation. We have no clear direction so far, so stay away from the market. Immediate resistance at 1.0750. Consistent move above that area should trigger further bullish pressure towards 1.0900. Initial support at 1.0620. CCI in neutral area on h4 chart.

EURJPY Forecast
The EURJPY had a bullish momentum yesterday. The pair breakout from the triangle, topped at 136.08 and closed at 135.59. This fact should set up bullish view for us. The bias is bullish in nearest term targeting 138.90 area. However CCI in overbought area and heading down on h4 chart so watch out for a potential downside rebound testing 134.90. Break below that area should lead us back into no trading zone.

GBPJPY Forecast
The GBPJPY had a bullish momentum yesterday, topped at 157.45 and closed at 156.95. The bias is bullish in nearest term. However, on h4 chart below we seem to have good resistance around 157.59, a double top formation which suggests potential downside rebound testing 156.00 area. Break below that area should be seen as potential threat to the bullish outlook. Break above 157.59 should trigger further bullish momentum targeting 158.50.

AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday, topped at 0.8258 and closed at 0.8229. We are in critical point now and about to see whether this bullish momentum is strong enough to break above 0.8261 area and set up a bullish view for us towards 0.8500 area. Immediate support at 0.8170/50 area. Break below that area should trigger further bearish momentum.

Labels: Forex Analysis, forex signal, Forex Trend, FX Instructor, Market Analysis, Market Trend, money trading, Moving Average

by: Mihai Marinescu

EURUSD has been quiet lately, however this is not its true nature. My charts indicate that the pair is looking to burst out of this annoying range quite soon, making one of those “I-don’t-stop-to-allow-you-to-get-in” rally which spices traders’ life every once in a while. If you’re into spicy stuff then I suggest you get your senses ready. And your platform

So here’s what I see:

After a serious bounce from 1.4277, the pair found support right @1.4161, its previous resistance & subsequently managed to set a higher high @1.4199. The ingredients for a new rally are ready: the red wave (nr.5 on H4/D1 according to my count) now has W1 & W2 complete. What’s next? A possible TL break @1.4232 in the next hours would coincide with the horizontal res. @1.4243 now holding the bulls back. If H4 manages to break through I see EURUSD up @1.4380 – 1.4420 by the end of London session today. In case the initial phase of the rally gives a pullback to the current resistance the momentum could be weaker & the above mentioned targets should be reached after the next US session. Anyway, we are most likely talking about a W3 of 5 & therefore I believe the volatility will be quite high today. Get ready for some sweet action!

My H1 waves indicate that only 1.42 would temporarily cancel this bullish outlook & shorts can only be taken if 1.4160 breaks as well (a possibility but not a probability as far as I’m concerned). We have W3 of 5 blue active on our current black wave (which is probably also a W3!). This is why I’m getting ready for a long-awaited swing towards the upside today (W3 of W3 is in any wave structure THE wave to trade).

My MA system is clearly longs on H4 & H1 with SF confirming the current picture & H1 TRIX in bull mode since yesterday & 15min giving a BUY signal 5hrs ago. BUY BUY BUY is for me the word of order on EU today.

I am long from 1.4240 & planning to add more once the rally is under way. If I am wrong I will get out of the current long around 1.42 & wait until new signals start to emerge

Labels: Forex Analysis, forex signal, Forex Trend, FX Instructor, Market Analysis, Market Trend, money trading, Moving Average

EURUSD Daily Forecast

The EURUSD had a bullish momentum yesterday. On daily chart below we can see that the price was convincingly break above the upper line of the triangle and consistently move above 1.4176. It’s still too early for bullish view but this fact should trigger further upside attempt re-testing 1.4336 area and give us hope to get out from indecisive market condition in the last several weeks. CCI on overbought area and heading down both on h4 and daily chart so watch out for potential downside rebound testing 1.4176 area. Break below that area should lead us back into no trading zone.

GBPUSD Daily Forecast

The GBPUSD had a bullish momentum yesterday, topped at 1.6556 and closed at 1.6547. The bias is bullish in nearest term testing key resistance area 1.6660. However as long as the pair moves below that area, the medium outlook remains unclear. Immediate support is seen at 1.6470. Break below that area should trigger further bearish momentum. CCI just cross the 100 line up on daily chart suggesting potential upside pressure.

USDJPY Daily Forecast

The USDJPY attempted to push higher yesterday, topped at 94.77 but closed below key resistance level 94.60. Only consistent move above that area should be seen as bearish scenario failure. Immediate support is see at 93.50. Break below that area should trigger further bearish momentum. CCI in neutral area both on h4 and daily chart.

USDCHF Daily Forecast

The USDCHF had a significant bearish momentum yesterday. The pair was able to stay below 1.0750 and on daily chart below we can see that the price is now ready to challenge the trendline support. Break below that trendline support should set up a bearish view towards 1.0400 area. Immediate resistance at 1.0750. Break above that area should take us back into no trading zone.

EURJPY Forecast
The EURJPY attempted to push higher yesterday, topped at 134.72 but closed lower at 133.99. The bearish outlook in medium term was over but the bullish scenario is not confirm yet until we have breakout on trendline resistance (see h4 chart below). At this phase, expect a trading range between 131.50 – 134.80 area. Immediate support is seen at 133.50. Break below that area should trigger further bearish momentum re-testing 131.50. CCI just cross the 100 line down on h4 chart suggesting potential downside pressure.

GBPJPY Forecast
The GBPJPY had a bullish momentum yesterday, topped at 156.42 and closed at 155.83. The bullish momentum seem to be strong, but we need to be very careful at this phase. Yes, the medium term bearish view is over now and I prefer a bullish scenario, but we better not to rush to make conclusion about bullish view especially because we still have trendline resistance to be tested (see daily chart below). Immediate resistance at 156.42 (yesterday’s high). Break above that area should trigger further bullish momentum towards 157.90. Initial support at 154.50. Break below that area should trigger further bearish momentum back towards 153.00.

AUDUSD Forecast
The AUDUSD had a significant bullish momentum yesterday, topped at 0.8177 and closed at 0.8155. On daily chart below we can see that the trendline resistance has been violated to the upside indicating a potential bullish view. The bias is bullish in nearest term targeting 0.8261. However CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 0.8100 support area. Break below that area should take us into no trading zone.

Labels: forex, Forex Analysis, forex signal, FX Instructor, Market Analysis, Market Trend, money trading, Moving Average

Thu, 12th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD had a significant bullish correction yesterday. The pair topped at 1.2862 and closed at 1.2845. We have a valid bullish channel indicating a strong bullish correction. The bias is bullish in nearest term testing 1.2988 area but the bearish scenario in longer term remains intact. Like I said yesterday, we are in a counter-trend phase and I am not the guy who like to trade a counter-trend movement. Be very careful and patient at this kind of situation. CCI about to cross the 100 line down on hourly chart suggesting a potential downside pressure testing 1.2720 support area.

EURUSD Daily Supports and Resistances:

• S1= 1.2686
• S2= 1.2528
• S3= 1.2440
• R1= 1.2932
• R2= 1.3020
• R3= 1.3178

GBPUSD Outlook
The GBPUSD had a bullish momentum yesterday. The pair topped at 1.3886 and closed at 1.3873. Although not as strong as EURUSD, GBPUSD also in a counter-trend situation and this kind of market really need a lot of patient. The bias is bullish in nearest term testing 1.3900 area. Break above that level could trigger further bullish correction challenging 1.4000 area. In medium term, as long as the pair stay below 1.4000 – 1.4050 area, the scenario remains bearish. I think it’s better to stay away from the market for now. CCI in overbought area and heading down on hourly chart suggesting a potential downside pressure testing 1.3750 support area.

GBPUSD Daily Supports and Resistances:

• S1= 1.3722
• S2= 1.3572
• S3= 1.3490
• R1= 1.3954
• R2= 1.4036
• R3= 1.4186

USDJPY Outlook
The USDJPY had a bearish momentum yesterday. The pair bottomed at 97.06 and closed at 97.25. The triangle formation on hourly chart has been violated to the downside suggesting a potential bearish scenario. The bias is bearish in nearest term targeting 96.50 area. However CCI just cross the -100 line up on hourly chart so watch out for a potential upside pressure testing 97.90 area.

USDJPY Daily Supports and Resistances:

• S1= 96.59
• S2= 95.94
• S3= 94.82
• R1= 98.36
• R2= 99.48
• R3= 100.13

USDCHF Outlook
The Greenback slumped against Swiss Franc yesterday. The pair bottomed at 1.1519 and closed at 1.1523. We have a bearish channel on hourly chart. The bias is bearish in nearest term testing 1.1450 area but remains neutral in medium term. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing 1.1600 resistance area.

USDCHF Daily Supports and Resistances:

• S1= 1.1469
• S2= 1.1416
• S3= 1.1313
• R1= 1.1625
• R2= 1.1728
• R3= 1.1781

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

Wed, 11th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD attempted to push higher yesterday. The pair topped at 1.2820 but closed lower at 1.2679. On hourly chart we still have minor bullish channel indicating minor bullish correction. The bias is neutral in nearest term but remains bearish in longer term. Be patient at this phase, and I think it’s better to stay away from the market since we are in a counter-trend situation. Immediate resistance is seen at 1.2820 (yesterday’s high). Break above that level could trigger further bullish correction towards 1.3000 area. The key support level remains at 1.2500. Expect further bearish momentum below that level. CCI in neutral area in all three time frames (hourly, 4h, daily).

EURUSD Daily Supports and Resistances:

• S1= 1.2564
• S2= 1.2450
• S3= 1.2322
• R1= 1.2806
• R2= 1.2934
• R3= 1.3048

GBPUSD Outlook
The GBPUSD made indecisive movement yesterday. The pair attempted to push higher, topped at 1.3901 but further bullish correction was rejected as the pair whipsawed to the downside, hit the bottom at 1.3688 and closed at 1.3745. The bias is neutral in nearest term but remains bearish in medium and long term and still targeting 1.3500 area. Immediate resistance is seen at 1.3835 followed by 1.3901 (yesterday’s high). CCI just cross the -100 line up on hourly chart suggesting a potential minor upside correction.

GBPUSD Daily Supports and Resistances:

• S1= 1.3655
• S2= 1.3565
• S3= 1.3442
• R1= 1.3868
• R2= 1.3991
• R3= 1.4081

USDJPY Outlook
The USDJPY also made indecisive movement by opened and closed at almost the same price (98.77 and 98.70) formed a Doji formation on daily chart. On hourly chart we have triangle formation indicating a consolidation phase. The bias is neutral in nearest term. A break from the triangle would give us s clearer direction. Immediate support is seen at 98.20 followed by 97.60. Initial resistance at 99.66. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 98.02
• S2= 97.34
• S3= 96.79
• R1= 99.25
• R2= 99.80
• R3= 100.48

USDCHF Outlook
The USDCHF attempted to push lower yesterday, bottomed at 1.1434 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 1.1649 and closed at 1.1600. On daily chart we have a Doji formation after a moderate bearish movement at the same time CCI cross the -100 line up suggesting a potential upside pressure. The bias is bullish in nearest term targeting 1.1750 area. However CCI just cross the 100 line down on hourly chart so watch out for a potential downside pressure testing 1.1520 support area.

USDCHF Daily Supports and Resistances:

• S1= 1.1473
• S2= 1.1346
• S3= 1.1258
• R1= 1.1688
• R2= 1.1776
• R3= 1.1903

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

Fri, 19th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the EURUSD hit my long target at 1.4609 even further, topped at 1.4719 but further bullish momentum was rejected as the pair whipsawed to the downside, hit the bottom at 1.4186 (50% Fibonacci retracement 1.6038 – 1.2330) and closed at 1.4266. Finally the bullish price momentum paused and the pair might in consolidation phase. Although we are still in bullish scenario in longer term, we might see another downside pullback attempt in nearest term, but short trades position is not recommended at this phase. On hourly chart we have a rectangle formation which is a consolidation pattern (of the nearest term) and the pair move in a narrow area of 1.4320 and 1.4182. A breakout from the rectangle pattern should give us a clearer direction. CCI just cross -100 line up on hourly chart suggesting a potential upside pressures, but in neutral area on 4h chart.

EURUSD Daily Supports and Resistances:

• S1= 1.4061
• S2= 1.3857
• S3= 1.3528
• R1= 1.4594
• R2= 1.4923
• R3= 1.5127

GBPUSD Outlook
Yesterday the GBPUSD failed to continue it’s bullish momentum. The pair bottomed at 1.4896 and closed at 1.5029. On daily chart we have a rectangle formation suggesting that the pair is in consolidation phase in bearish scenario in longer term. However in nearest term the bias is neutral with upside bias. Immediate resistance is seen at 1.5235 followed by 1.5400. Initial support at 1.5000. CCI just cross -100 line up on hourly chart suggesting a potential upside pressures.

GBPUSD Daily Supports and Resistances:

• S1= 1.4744
• S2= 1.4460
• S3= 1.4024
• R1= 1.5464
• R2= 1.5900
• R3= 1.6184

USDJPY Outlook
The USDJPY failed to maintain it’s bearish momentum yesterday. The pair topped at 90.03 and closed at 89.56. We have a new bullish price channel on hourly chart. The bias is neutral in nearest term but still bearish in longer term. Immediate support is seen at 88.90 followed by 88.60. A break below 88.60 could bring the pair into further bearish momentum. Initial resistance at 90.50. CCI just cross 100 line down on hourly chart suggesting a potential downside pressures.

USDJPY Daily Supports and Resistances:

• S1= 87.87
• S2= 86.18
• S3= 85.10
• R1= 90.64
• R2= 91.72
• R3= 93.41

USDCHF Outlook
After break the double bottom formation to the downside, yesterday the USDCHF had a significant bearish momentum. The pair bottomed at 1.0410 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 1.0866 and closed at 1.0816. On daily chart we have Hammer candlestick formation suggesting that we might have a bullish reversal in the near future. This fact is also supported by oversold CCI and heading up on daily time frame. Immediate support is seen at 1.0750 followed by 1.0590.

USDCHF Daily Supports and Resistances:

• S1= 1.0528
• S2= 1.0241
• S3= 1.0072
• R1= 1.0984
• R2= 1.1153
• R3= 1.1440

Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis, money trading, Moving Average

Thu, 18th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
As I had expected, yesterday the EURUSD continued it’s bullish momentum. On my daily chart with the Fibonacci retracement projections, we can see how the current strong bullish momentum can easily break all resistance levels. The pair is now chasing 1.4609 as the next bullish target. CCI just cross the 100 line down on hourly chart suggesting a potential minor downside pressures testing 1.4350 and 1.4280 support levels.

EURUSD Daily Supports and Resistances:

• S1= 1.4127
• S2= 1.3853
• S3= 1.3698
• R1= 1.4556
• R2= 1.4711
• R3= 1.4985

GBPUSD Outlook
Yesterday the GBPUSD further bullish momentum was rejected. The pair attempted to push higher, topped at 1.5722 but whipsawed to the downside, bottomed at 1.5247 and closed higher at 1.5514. The bias should remains very bullish. On 4h chart, 1.5506 resistance seem to be an important level at this phase. A consistent movement above that level would trigger further bullish momentum. A cross of the CCI 100 line up on 4h chart should support the bullish view and could provide us with good long trade opportunities.

GBPUSD Daily Supports and Resistances:

• S1= 1.5266
• S2= 1.5019
• S3= 1.4791
• R1= 1.5741
• R2= 1.5969
• R3= 1.6216

USDJPY Outlook
After break the double bottom formation on hourly chart, yesterday the USDJPY continued it’s bearish momentum. The pair bottomed at 87.13 and closed at 87.33. The bias remains very bearish targeting 86.15 area. CCI just cross -100 line up on hourly chart suggesting a potential minor upside pressures testing 88.11 and 88.60 resistance levels.

USDJPY Daily Supports and Resistances:

• S1= 86.57
• S2= 85.81
• S3= 84.49
• R1= 88.65
• R2= 89.97
• R3= 90.73

USDCHF Outlook
The USDCHF continued it’s bearish momentum yesterday. The pair hit my bearish target at 1.0898 even further, bottomed at 1.0712. On daily chart, looks like we have a double bottom formation at 1.0690 level, the huge downside pressures we have seen lately could break the formation easily. Once the formation break to the downside, the pair will strongly gain further bearish momentum targeting 1.0016 area. CCI just cross the -100 line up on hourly chart suggesting a minor upside pressures testing 1.0816 and 1.0898 resistance levels.

USDCHF Daily Supports and Resistances:

• S1= 1.0550
• S2= 1.0365
• S3= 1.0019
• R1= 1.1081
• R2= 1.1427
• R3= 1.1612

Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis, Market Trend, money trading

Wed, 17th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD continued it’s bullish scenario yesterday. The pair topped at 1.4147 and closed at 1.4048. The bias remains very bullish targeting 1.4182 (50% Fibonacci retracement 1.6038 – 1.2330). A break above that level would trigger further bullish scenario towards 1.4609 area. CCI about to cross 100 line down on hourly chart suggesting a potential minor downside pullback testing 1.3957 and 1.3890 support levels.

EURUSD Daily Supports and Resistances:

• S1= 1.3736
• S2= 1.3424
• S3= 1.3219
• R1= 1.4253
• R2= 1.4458
• R3= 1.4770

GBPUSD Outlook
As I had expected, the GBPUSD also continued it’s bullish momentum yesterday. The pair hit my long target at 1.5540 even further, topped at 1.5647. The bias remains very bullish targeting 1.5885. CCI about to cross 100 line down on hourly chart suggesting a potential minor downside pullback testing 1.5540 and 1.5480 support levels.

GBPUSD Daily Supports and Resistances:

• S1= 1.5305
• S2= 1.5033
• S3= 1.4862
• R1= 1.5748
• R2= 1.5919
• R3= 1.6191

USDJPY Outlook
The USDJPY continued it’s bearish scenario yesterday. The pair bottomed at 88.63 (double bottom with Monday’s low) and closed at 88.98. The double bottom formation might be a strong support but the pressures is still to the downside. CCI just cross -100 line up on hourly chart suggesting a potential upside risks testing 89.42 and 90.00 resistance levels. A break below 88.60 area would trigger further bearish scenario towards 86.15 area.

USDJPY Daily Supports and Resistances:

• S1= 88.16
• S2= 87.35
• S3= 86.07
• R1= 90.25
• R2= 91.53
• R3= 92.34

USDCHF Outlook
As I had expected, the USDCHF continued it’s bearish momentum yesterday. The pair hit my bearish target at 1.1425 even much further bottomed at 1.1142 and closed at 1.1192. The bias remains very bearish. The key level at this phase is 1.1155 area. A consistent movement below that level would trigger further bearish scenario towards 1.0898 area. CCI about to cross -100 line up on hourly chart suggesting a potential minor upside pressures testing 1.1250 support area.

USDCHF Daily Supports and Resistances:

• S1= 1.1027
• S2= 1.0863
• S3= 1.0584
• R1= 1.1470
• R2= 1.1749
• R3= 1.1913

Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis, Market Trend, World Market

Tue, 16th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
As I had expected, after break the rectangle formation on hourly chart, yesterday EURUSD had a significant bullish momentum. The pair topped at 1.3726 and closed at 1.3702. From a bigger view the pair should now will test the next resistance at 1.3750 area (38.2% Fibonacci Retracement from 1.6038 to 1.2330). A break above that level could trigger further bullish scenario towards 1.4182 area. The bias remains bullish. CCI just cross 100 line down on hourly chart suggesting a potential downside pullback testing 1.3638 and 1.3558 support levels.

EURUSD Daily Supports and Resistances:

• S1= 1.3486
• S2= 1.3270
• S3= 1.3150
• R1= 1.3822
• R2= 1.3942
• R3= 1.4158

GBPUSD Outlook
The GBPUSD also continued it’s bullish momentum yesterday. The pair topped at 1.5376 and closed at 1.5311. The bias remains to the upside targeting 1.5540 area. However CCI in overbought area and heading down on 4h chart suggesting a potential downside pressures testing 1.5204 support area.

GBPUSD Daily Supports and Resistances:

• S1= 1.5028
• S2= 1.4746
• S3= 1.4572
• R1= 1.5484
• R2= 1.5658
• R3= 1.5940

USDJPY Outlook
The USDJPY continued it’s bearish scenario yesterday. The pair bottomed at 90.24 and closed at 90.59. We have a valid bearish channel in all three time frames (hourly, 4h, daily). The bias remains bearish targeting 88.60 area again. Immediate resistance is seen at 91.60. CCI heading down towards -100 line on hourly chart suggesting a potential bearish pressures.

USDJPY Daily Supports and Resistances:

• S1= 90.10
• S2= 89.62
• S3= 89.00
• R1= 91.20
• R2= 91.82
• R3= 92.30

USDCHF Outlook
As I had expected, after break below 1.1760 the USDCHF continued it’s bearish scenario yesterday. The pair bottomed at 1.1560 and closed at 1.1576. The bias remains bearish targeting 1.1425 area. Immediate resistance is seen at 1.1632 area. CCI just cross -100 line up on hourly chart so watch out for a minor bullish pressures.

USDCHF Daily Supports and Resistances:

• S1= 1.1508
• S2= 1.1441
• S3= 1.1322
• R1= 1.1694
• R2= 1.1813
• R3= 1.1880

Labels: Forex Analysis, Forex Trend, FX Instructor, Market Analysis