Fri, 20th of February, 2009
By Setyo Wibowo (firstname.lastname@example.org)
The ascending triangle that I showed yesterday gave us a valid bullish correction warning. The pair corrected higher, topped at 1.2761 and but failed to close above key level 1.2700. On hourly chart we have a new bullish channel but the price is now testing channel support to the downside.Â The bias is neutral in nearest term but remains bearish in longer term. Important support at this phase is 1.2615. Break below that support level could trigger further bearish scenario targeting 1.2470 area. Initial resistance at 1.2760 area. Break above that level could trigger further bullish correction towards 1.2900 area. CCI in neutral area on hourly chart.
EURUSD Daily Supports and Resistances:
The GBPUSD attempted to push higher yesterday. The pair topped at 1.4444 but further bullish scenario was rejected as the pair quickly whipsawed to the downside and closed at 1.4291. Fibonacci retracement study on hourly chart below show us that after hit bottom at 1.4090 the pair was corrected to the upside but failed to break the 38.2% resistance and now go back lower below 1.4300 (23.6%). The bias is bearish in nearest term targeting 1.4130 and 1.4090 but remains neutral in medium term. CCI just cross the 100 line down on 4h chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY continued it’s bullish scenario yesterday. The pair topped at 94.46 and closed at 94.20. On 4h chart we still have a valid bullish channel. Fibonacci retracement study show us that the pair is now testing the 38.2 % around 94.60 area (potential double top formation). The bias remains bullish in nearest term. Break above 94.60 area could trigger further bullish scenario testing 97.00 (50%).
USDJPY Daily Supports and Resistances:
The USDCHF was corrected lower yesterday. The pair bottomed at 1.1701 and closed at 1.1731. On hourly chart we have a minor bearish channel and the price is now testing major bullish channel support. A breakdown of the bullish channel could trigger further bearish pullback. The bias is neutral in nearest term. Immediate support is seen at 1.1650. Initial resistance at 1.1825. CCI in neutral area on 4h chart.
USDCHF Daily Supports and Resistances:
Have a great weekend!