Mon, 02th of February, 2009
By Setyo Wibowo (email@example.com)
As I had expected, the EURUSD continued it’s bearish momentum on Friday. The pair bottomed at 1.2763 and closed at 1.2812. The bias remains bearish targeting 1.2500 area. However, pay highly attention to the double bottom formation on 4h chart at 1.2750 area as a potential strong support at this phase. A break below that support could trigger further bearish momentum. CCI in oversold area and heading up both on hourly and 4h chart so watch out for a potential minor upside pressures testing 1.2850 resistance area.
EURUSD Daily Supports and Resistances:
The GBPUSD continued it’s bullish momentum on Friday. The pair topped at 1.4542 and closed at 1.4539. The bullish correction momentum was very significant last week, but if we look from a bigger picture, this bullish correction is normal as we had some minor bullish channels in the past occurred in the middle of major bearish scenario (see the chart below). The bias remains bullish in nearest term testing 1.4700 resistance area, but medium term remains unclear.Â I think It’s better to stay away right now. Immediate support at 1.4300 area. CCI in overbought area and heading down on 4h chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY attempted to push lower on Friday. The pair bottomed at 89.15 but further bearish scenario was rejected as the pair closed higher at 89.90. From a bigger point of view on 4h chart, we can see that the major scenario is bearish, but we have a valid minor bullish channel. The bias is neutral in nearest term. Immediate resistance is seen at 89.90 followed by 90.70. Initial support at 89.00. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
The USDCHF made a moderate bullish momentum on Friday. The pair topped at 1.1658 and closed a little bit lower at 1.1604. We still have bullish channel on hourly chart. The bias is bullish in nearest term targeting 1.1750 area. Immediate support at 1.1570. CCI just cross the 100 line up on hourly chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
Have a great day!