Tue, 17th of February, 2009
By Setyo Wibowo (email@example.com)
The EURUSD made another indecisive movement on lack of market catalyst yesterday. The pair attempted to push lower, bottomed at 1.2726 but closed higher at 1.2804. It seems like the market still hesitate to move below main support at 1.2700. We have a symmetrical triangle on hourly chart indicating a consolidation phase. Break form the triangle would give us clearer direction.Â CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure testing the 1.2700 support. Break below that support level could trigger further bearish scenario targeting 1.2500.
EURUSD Daily Supports and Resistances:
The GBPUSD also made indecisive movement yesterday. However we have triangle pattern breakdown to the downside on hourly chart suggesting a potential bearish scenario. The bias is bearish in nearest term targeting 1.4130 but medium bias remains unclear. This short term bearish scenario also supported by CCI cross the 100 line down on hourly chart. Immediate resistance at 1.4300.
GBPUSD Daily Supports and Resistances:
The USDJPY made indecisive movement by opened and closed at almost the same price yesterday. On daily chart we can see the minor trend line resistance still doing a good job so far. A breakout to the upside could trigger further bullish momentum towards 93.00 area. Immediate resistance at 92.06 (yesterday’s high). Initial support at 91.30.
USDJPY Daily Supports and Resistances:
We haven’t see significant movement in past 2 weeks. On 4h chart we can see that the pair still trapped in rising wedge formation. We need some significant market catalyst to determine whether this bearish reversal scenario is valid or not. The bias is neutral in nearest term but remains bullish in long term view. Immediate resistance at 1.1730. Initial support at 1.1550. CCI about to cross the 100 line up on daily chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
Have a great day!