Mon, 16th of February, 2009

By Setyo Wibowo (

EURUSD Outlook

The EURUSD didn’t make significant movement on Friday. The market seemed to have hesitation and wait for a significant market catalyst. We had significant gap early today as the price opened about 100 pips lower than Friday’s closing price. Technically on daily chart we have a descending triangle formation which is a bearish scenario pattern with 1.2700 key level on the downside. Break below that level could trigger further bearish scenario towards 1.2500 area. CCI in oversold area and heading up on both hourly and 4h chart suggesting a potential upside pressure testing 1.2850 - 1.2900 resistance area. US market close.

EURUSD Daily Supports and Resistances:

  • S1= 1.2826
  • S2= 1.2764
  • S3= 1.2706
  • R1= 1.2946
  • R2= 1.3004
  • R3= 1.3066
  • GBPUSD Outlook

    The GBPUSD attempted to push higher on Friday, topped at 1.4601 but further bullish scenario was rejected as the pair closed lower at 1.4399. Today market opened at 1.4245 which mean we had about 150 pips gap lower. Fibonacci retracement study on 4h chart showed us that after failed to break above 50% level (1.4600) the price move to the downside and now below 38.2% level (1.4350) and should challenge the 23.6% level at 1.4030 area. Immediate support at 1.4130. Initial resistance at 1.4350. CCI almost cross the -100 line down on 4h chart suggesting a potential downside pressure. US market close.

    GBPUSD Daily Supports and Resistances:

  • S1= 1.4233
  • S2= 1.4067
  • S3= 1.3883
  • R1= 1.4583
  • R2= 1.4767
  • R3= 1.4933
  • USDJPY Outlook

    The USDJPY continued it’s bullish momentum on Friday. The pair topped at 92.02 and closed at 91.97. We still have a valid bullish channel on 4h chart but further bullish scenario is limited by trend line resistance. This limited bullish scenario also supported by overbought CCI and heading down indicating potential downside pullback. The bias is neutral in nearest term. Immediate support at 91.30. Initial resistance at 92.02 (Friday’s high). US market close.

    USDJPY Daily Supports and Resistances:

  • S1= 91.00
  • S2= 90.03
  • S3= 89.52
  • R1= 92.48
  • R2= 92.99
  • R3= 93.96
  • USDCHF Outlook

    The USDCHF didn’t make significant movement on Friday. The pair attempted to push lower, bottomed at 1.1485 but closed higher at 1.1601. Fibonacci retracement study on daily chart show us that after had bullish reversal since December 29th 2008 the pair has broke 23.6%, 38.2% and 50% resistance levels but now seem hesitate to consistently stay above 61.8 % level (1.1550). However the bias remains bullish in long term view. Immediate support is seen at 1.1485 (Friday’s low). Initial resistance at 1.1730. CCI heading up towards 100 line on daily chart sugegsting a potential upside pressure. US market close.

    USDCHF Daily Supports and Resistances:

  • S1= 1.1504
  • S2= 1.1408
  • S3= 1.1331
  • R1= 1.1677
  • R2= 1.1754
  • R3= 1.1850
  • Have a great day!