Tue, 06th of January, 2009
By Setyo Wibowo (email@example.com)
As I had expected, after breakdown the descending triangle formation on 4h chart, the EURUSD made a significant bearish movement yesterday. The pair hit my short target at 1.3750 and 1.3600, even further, bottomed at 1.3546. The bias should remains bearish targeting 1.3380 area. However CCI in oversold area and heading up on 4h chart so watch out for a potential upside correctional move testing 1.3750 area.
EURUSD Daily Supports and Resistances:
The GBPUSD failed to maintain it’s bearish scenario yesterday. The pair had a bullish momentum, topped at 1.4738 and closed at 1.4689. On hourly chart we can see that after had a bearish movement since 17/12/2008, the bearish momentum paused and the pair seem to move in rectangle area suggesting that the pair is in consolidation phase. The bias is neutral in nearest term, but I think the bearish scenario still intact in longer term. A consistent move above 1.4750 could trigger further bullish momentum and might be considered as a violation to the bearish scenario. CCI in overbought area and heading down on hourly chart suggesting a potential downside pressures.
GBPUSD Daily Supports and Resistances:
As I had expected, the USDJPY made another bullish momentum yesterday. The pair hot my long target at 92.70 and 93.35, even further, topped at 93.57. We have a bullish price channel on hourly chart. The bias should remains bullish but 4h CCI already in overbought area and heading down suggesting a potential downside corrective scenario testing 92.90 and 92.20 support area. Initial resistance is seen at 93.57 (yesterday’s high). A break above that resistance level could trigger further bullish momentum targeting 94.50 area.
USDJPY Daily Supports and Resistances:
As I had expected, the USDCHF made another bullish movement yesterday. The pair hit my long target at 1.0950 and 1.1088 even further, topped at 1.1122. The bias should remains bullish targeting 1.1410 area but 4h CCI in overbought area and heading down suggesting a potential downside corrective movement testing 1.0950 and 1.0840 support area. We also seem to have a strong resistance around 1.1120 area. A break above that area should trigger further bullish momentum.
USDCHF Daily Supports and Resistances:
Have a great day!