Wed, 29th of April, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD had a bullish momentum yesterday. The pair attempted to push lower, bottomed at 1.2966 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 1.3165 and closed at 1.3147. The fact that the pair closed above 1.3100 now take us back into no trading zone area in nearest term. In medium term outlook the price movement is considered normal since still moving in the triangle area. Immediate resistance is seen at 1.3165 (yesterday’s high) area. Break above that area could trigger further bullish momentum testing 1.3215 and 1.3290 area. Initial support at 1.3050 – 1.3000 area. CCI in neutral area both on h4 and daily chart.

EURUSD Daily Supports and Resistances:

  • S1= 1.3020
  • S2= 1.2893
  • S3= 1.2821
  • R1= 1.3219
  • R2= 1.3291
  • R3= 1.3418
  • GBPUSD Outlook

    The GBPUSD made indecisive movement yesterday, formed a Doji formation on daily chart. On h4 chart below we can see that the price still moving below the trendline resistance. We also have triangle formation indicating consolidation. The bias is neutral in nearest term and I think it’s better to stay away from the market now. We might have a potential ranging market between 1.4750 – 1.4515 today. CCI in neutral area in all three time frames (hourly, h4, daily).

    GBPUSD Daily Supports and Resistances:

  • S1= 1.4534
  • S2= 1.4439
  • S3= 1.4362
  • R1= 1.4706
  • R2= 1.4783
  • R3= 1.4878
  • USDJPY Outlook

    The USDJPY attempted to push lower yesterday, bottomed at 95.62 but closed higher at 96.43. On daily chart below we have a Hammer formation indicating a potential bullish reversal scenario. However the bias is unclear in nearest term and it’s better to stay away from the market. Immediate resistance at 96.60/70 area. Break above that area could trigger further bullish momentum towards 97.50. Initial support at 95.50 area. Break below that area could trigger further bearish momentum towards 94.40 area. CCI just cross the -100 line up on h4 chart suggesting a potential upside pressure.

    USDJPY Daily Supports and Resistances:

  • S1= 95.78
  • S2= 95.13
  • S3= 94.65
  • R1= 96.91
  • R2= 97.39
  • R3= 98.04
  • USDCHF Outlook

    The USDCHF failed to continued it’s bullish momentum yesterday. On h4 chart below we have a hanging man formation followed by a shooting star indicating a potential bearish scenario. The bias is neutral in nearest term. Immediate support is seen at 1.1400. Break below that area could trigger further bearish scenario towards 1.1300 area. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing 1.1480 resistance area.

    USDCHF Daily Supports and Resistances:

  • S1= 1.1364
  • S2= 1.1303
  • S3= 1.1188
  • R1= 1.1540
  • R2= 1.1655
  • R3= 1.1716
  • Have a great day!