Tue, 28th of April, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

In my EURUSD weekly summary on Saturday (April 25) I said that we might have a potential “war” this week, whether “the pair is going to make a breakout to the upside from the triangle to make a bigger bullish scenario back towards 1.3734 or breakdown from the third minor bullish channel (number 3) and continue the bearish scenario”. Well, it looks like the bearish power is in control right now. The third minor bullish channel was violated to the downside and the pair should continue the bearish scenario. The pair fell below 1.3100 and now testing 1.3000 psychological level. Break below that level could trigger further bearish momentum targeting 1.2890 area. CCI about to cross the -100 line up on hourly chart suggesting a potential upside rebound testing 1.3050 – 1.3100 resistance area.

EURUSD Daily Supports and Resistances:

  • S1= 1.2942
  • S2= 1.2848
  • S3= 1.2697
  • R1= 1.3187
  • R2= 1.3338
  • R3= 1.3432
  • GBPUSD Outlook

    The GBPUSD attempted to push lower yesterday. After violated the rising wedge formation to the downside (which should gave us a good short signal), the pair had a bearish momentum, bottomed at 1.4515 but further bearish scenario was rejected as the pair whipsawed to the upside and on hourly chart below we can see that the pair back to the upside testing the lower line of the rising wedge (now resistance). The bias is neutral in nearest term. Immediate support is seen at 1.4570 area. Break below that area could trigger further bearish momentum. Initial resistance at 1.4750. CCI in neutral area in all three time frames (hourly, h4, daily).

    GBPUSD Daily Supports and Resistances:

  • S1= 1.4541
  • S2= 1.4439
  • S3= 1.4364
  • R1= 1.4718
  • R2=1.4793
  • R3= 1.4895
  • USDJPY Outlook

    The USDJPY made indecisive movement yesterday, formed a Doji formation on daily chart. On hourly chart below we cans see that after had bearish momentum the pair seems to have good support around 96.50 area. Break below that area could trigger further bearish momentum targeting 95.50. Immediate resistance is seen at 96.90. CCI about to cross the -100 line down on h4 chart suggesting a potential downside pressure.

    USDJPY Daily Supports and Resistances:

  • S1= 96.41
  • S2= 96.08
  • S3= 95.74
  • R1= 97.08
  • R2= 97.42
  • R3= 97.75
  • USDCHF Outlook

    The USDCHF had a bullish momentum yesterday. On h4 chart below we can see that once again, the trendline support did a great job preventing further bearish attack. The bias is bullish in nearest term targeting 1.1670 area. However CCI in overbought area and about to cross the 100 line down on hourly chart suggesting a potential downside rebound testing 1.1515 support area.

    USDCHF Daily Supports and Resistances:

  • S1= 1.1407
  • S2= 1.1261
  • S3= 1.1164
  • R1= 1.1650
  • R2= 1.1747
  • R3= 1.1893
  • Have a great day!