Fri, 24th of April, 2009
By Setyo Wibowo (firstname.lastname@example.org)
The EURUSD had a significant bullish correction yesterday. The pair break above key resistance level 1.3100, topped at 1.3159 and closed at 1.3143. Technically the pair would test another resistance around 1.3210 or even 1.3309 area in nearest term but medium bias remains unclear. Failure to stay above 1.3100 today should take us back to bearish outlook towards 1.2900 â€“ 1.2850 area. CCI in overbought area and heading down on h4 chart suggesting a potential downside pressure but neutral on daily chart.
EURUSD Daily Supports and Resistances:
The GBPUSD had a volatile movement during this week with no real direction (at least for me). This is the situation that really need our patient. On h4 chart we can see the pair is still struggling around trendline resistance area. Now, the bullish power seems ready to make another upside challenge. Break out from the trendline resistance could trigger further bullish scenario towarsd 1.4950 area. Initial support is seen at 1.4650 area. Break below that area could trigger further bearish momentum back toward 1.4550. CCI about to cross the 100 line down on hourly chart suggesting a potential minor downside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY made indecisive movement yesterday, formed a Doji formation on daily chart. On hourly chart we have descending triangle formation which is a bearish pattern. However the bias remains neutral in nearest term. Break below key support level 97.60 could trigger further bearish momentum towards 96.50. Immediate resistance is seen at 98.50 area. CCI in neutral area both on hourly and h4 chart.
USDJPY Daily Supports and Resistances:
The USDCHF had a significant bearish momentum yesterday. The pair made a valid move below 1.1635, bottomed at 1.1499 and closed at 1.1502. The bias is bearish in nearest term testing 1.1450 and 1.1380 support area. Immediate resistance is seen at 1.1550 area. Break above that area would lead us back into no trading zone. CCI about to cross the -100 line up on hourly chart suggesting a potential minor upside pressure.
USDCHF Daily Supports and Resistances:
Have a great day!