Thu, 12th of February, 2009
By Setyo Wibowo (firstname.lastname@example.org)
The EURUSD made indecisive movement yesterday by opened and closed at almost the same price (1.2909 and 1.2903) formed a Doji formation on daily chart. On 4h chart we have triangle formation indicating a consolidation. Break from the triangle should give us clearer direction. Immediate support is seen at 1.2830 area. Break below that level could trigger further bearish momentum testing 1.2700 support area. Initial resistance at 1.2950 - 1.3000.
EURUSD Daily Supports and Resistances:
The GBPUSD continued it’s bearish momentum yesterday. The pair bottomed at 1.4317 and closed at 1.4395. On 4h chart below we can see that further bearish movement was rejected by strong support at 1.4320 area. The fact that 1.4320 might be a strong support also supported by overbought CCI and heading up so watch out for potential upside pullback testing 1.4470 and 1.4560 resistance area. Break below 1.4320 could trigger further bearish scenario targeting 1.4260 and 1.4160 area.
GBPUSD Daily Supports and Resistances:
The USDJPY made indecisive movement by opened and closed at almost the same price (90.43 and 90.41). The pair attempted to push lower, bottomed at 89.69 (9 pips higher from my short target at 89.60) but further bearish scenario was rejected as the pair closed higher. However we have a descending triangle formation on hourly chart indicating a potential bearish scenario. Breakdown from the triangle could trigger further bearish momentum targeting 89.00 area. Immediate support at 90.10. Initial resistance at 90.73 (yesterday’s high).
USDJPY Daily Supports and Resistances:
The USDCHF didn’t make significant move yesterday. We have triangle formation on hourly chart indicating a consolidation phase. Break from the rectangle could give us a clearer direction. The bias is neutral in nearest term. Immediate support is seen at 1.1550 followed by 1.1500. Initial resistance at 1.1630 followed by 1.1715. CCI in neutral area on daily chart.
USDCHF Daily Supports and Resistances:
Have a great day!