Mon, 27th of April, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD continued it’s bullish correction on Friday. The pair topped at 1.3299 and closed at 1.3241. On h4 chart below we have a double top formation around 1.3295 area which should  provide us an important resistance at this phase. Break above that area could trigger further bullish momentum towards 1.3395 area. Immediate support is seen at 1.3185 area. Break below that area could trigger further bearish pressure testing 1.3100. CCI in overbought area and about to cross 100 line down on h4 chart suggesting a potential downside pressure.

EURUSD Daily Supports and Resistances:

  • S1= 1.3135
  • S2= 1.3030
  • S3= 1.2948
  • R1= 1.3322
  • R2= 1.3404
  • R3= 1.3509
  • GBPUSD Outlook

    The GBPUSD bullish correction was paused on Friday. On hourly chart below we have a rising wedge formation indicating a potential bearish reversal scenario after a bullish momentum since April 22. A break down from the rising wedge should trigger further bearish scenario back towards 1.4400 area. Immediate resistance is seen at 1.4770 area. Break above that area could trigger further bullish momentum towards 1.4900. Initial support at 1.4600 – 1.4580 area. Break below that area could trigger further bearish pressure. CCI in neutral area on daily chart.

    GBPUSD Daily Supports and Resistances:

  • S1= 1.4564
  • S2= 1.4473
  • S3= 1.4370
  • R1= 1.4758
  • R2= 1.4861
  • R3= 1.4952
  • USDJPY Outlook

    The USDJPY had a significant bearish momentum on Friday. After violated the descending triangle to the downside, the pair bottomed at 96.63 and closed at 97.09. The bias is bearish targeting 95.50 area. Immediate resistance is seen at 97.15 area. Break above that area should take us back into no trading zone.

    USDJPY Daily Supports and Resistances:

  • S1= 96.43
  • S2= 95.78
  • S3= 94.93
  • R1= 97.93
  • R2= 98.78
  • R3= 99.43
  • USDCHF Outlook

    The USDCHF continued it’s bearish momentum on Friday. The pair bottomed at 1.1347 and closed at 1.1394. On h4 chart below we can see that the pair is struggling around the trendline support area which has been a strong support since March 19. A valid break below the trendline support should trigger further bearish momentum. Immediate support is seen at 1.1347 (Friday’s low). Initial resistance at 1.1415. Break above that area could trigger further bullish momentum towards 1.1515. CCI in oversold area and heading up on h4 chart suggesting a potential upside pressure.

    USDCHF Daily Supports and Resistances:

  • S1= 1.1319
  • S2= 1.1244
  • S3= 1.1142
  • R1= 1.1496
  • R2= 1.1598
  • R3= 1.1673
  • Have a great day!