Mon, 05th of January, 2009
By Setyo Wibowo (email@example.com)
The EURUSD didn’t make a significant movement on Friday. On hourly chart we can see that the pair moved in ranging area of 1.3980 - 1.3840. However I think the bias remains bearish. We have a descending triangle formation on 4h chart. CCI just cross the -100 line up on 4h chart suggesting a potential upside corrective movement testing 1.4035 resistance area. A break below 1.3850 would be considered as breakdown of the descending triangle formation and could trigger further bearish momentum targeting 1.3750 and 1.3600 area.
EURUSD Daily Supports and Resistances:
The GBPUSD attempted to push lower on Friday. The pair bottomed at 1.4377 but further bearish scenario was rejected as the pair closed higher at 1.4549. However the bearish scenario is still intact targeting 1.4285 in nearest term. Immediate resistance is seen at 1.4570. Initial support at 1.4390. A break below that support level could trigger further bearish momentum. CCI in neutral area and heading down on hourly chart suggesting a potential downside pressures.
GBPUSD Daily Supports and Resistances:
The USDJPY made another bullish momentum on Friday. The pair topped at 92.60 and closed at 91.80. On hourly chart we can see that after the pair breakout from rectangle pattern, the pair made a significant bullish movement. The bias remains bullish targeting 92.70 and 93.35 area. CCI in overbought area and about to cross the 100 line down on hourly chart suggesting a potential downside pressures testing 91.60 support level.
USDJPY Daily Supports and Resistances:
The USDCHF continued it’s bullish momentum on Friday. On daily chart we can see a Hammer candlestick formation formed in 29/12/2008 should be an early warning of the bullish reversal scenario, supported by daily CCI just cross -100 line up. The bias remains bullish targeting 1.0950 and 1.1088 area. However CCI in overbought area and about to cross 100 line down on 4h chart suggesting a potential downside pressures testing 1.0665 and 1.0610 support area.
USDCHF Daily Supports and Resistances:
Have a great day!