Mon, 20th of April, 2009
By Setyo Wibowo (firstname.lastname@example.org)
The EURUSD had a bearish momentum on Friday. The pair break below the key support level at 1.3100, bottomed at 1.3016 and closed at 1.3024. My technical focus remains at the descending triangle formation indicating potential bearish scenario. However, pay attention to the psychological level around 1.3000 â€“ 1.2950 which could be a potential strong support. Break below that support area could trigger further bearish momentum targeting 1.2840 area. Initial resistance is seen at 1.3100. Break above that level could be a potential violation to the current bearish view and lead us back to the no trading zone. CCI just cross the -100 line up on hourly chart suggesting a potential upside rebound.
EURUSD Daily Supports and Resistances:
The GBPUSD made further bearish correction on Friday. The pair bottomed at 1.4754 and closed at 1.4781. On 4h chart we can see that the pair is moving lower towards the bullish trendline support. The bias is bearish in nearest term testing 1.4650 but remains neutral in medium term. CCI in oversold area and heading up on 4h chart so watch out for a potential upside rebound testing 1.4830 resistance area. Break above that area could trigger further bullish momentum.
GBPUSD Daily Supports and Resistances:
The USDJPY made another indecisive movement on Friday, formed another Doji formation on daily chart. On 4h chart we have a triangle formation indicating consolidation phase. The bias remains neutral in nearest term. Break from the triangle should give us clearer direction. Immediate support is seen at 98.75. Initial resistance at 99.70. CCI in neutral area in all three time frames (hourly, 4h, daily).
USDJPY Daily Supports and Resistances:
The USDCHF had a bullish momentum on Friday. The pair topped at 1.1686 and closed at 1.1671. The bias is bullish in nearest term targeting 1.1750. However CCI in overbought area and heading down on 4h chart so watch out for a potential downside pullback testing 1.1620 support area. Break below that support could trigger further bearish correction and take us back into no trading zone.
USDCHF Daily Supports and Resistances:
Have a great day!