Thu, 15th of January, 2009
By Setyo Wibowo (email@example.com)
The EURUSD didn’t make a significant movement yesterday. On daily chart we have a Doji candlestick formation indicating an indecisive market. The pair attempted to push higher, topped at 1.3336 but further bullish correction was rejected as the pair whipsawed to the downside, hit the bottom at 1.3093 and closed at 1.3160. We have a rectangle formation on hourly chart suggesting that the pair is in consolidation phase. The bias is neutral in nearest term but still bearish in longer term. A break from the rectangle formation would give us a clearer direction. A break below 1.3090 (breakdown) area could trigger further bearish scenario targeting 1.2970 whileÂ movement above 1.3336 (breakout) could lead to further bullish correction towards 1.3530 area. CCI just cross the -100 line up on 4h chart suggesting a potential upside pressures.
EURUSD Daily Supports and Resistances:
The GBPUSD was corrected higher yesterday. The pair topped at 1.4706 but closed at 1.4591. On hourly chart we can see the the pair is trapped in rectangle formation between 1.4706 - 1.4465 area. A break from this rectangle should give us a clearer direction. The bias is neutral in nearest term but the bearish scenario in longer term is still intact. A break below 1.4465 (breakdown) could trigger further bearish momentum targeting 1.4355. A break above 1.4706 (breakout) could lead to further bullish correction towards 1.4900 - 1.5000. CCI in neutral area on hourly chart.
GBPUSD Daily Supports and Resistances:
The USDJPY still trapped in choppy market yesterday. The pair had a false breakdown from the rectangle formation, bottomed at 88.60, closed higher at 88.92 and traded higher around 89.15 at the time I wrote this comment. The bias is neutral in nearest term but still bearish in longer term. I still expect a valid breakdown from the rectangle formation targeting 88.05 area. A break above 89.88 could trigger further bullish correction back towards 90.80 area. CCI in neutral area on hourly chart.
USDJPY Daily Supports and Resistances:
Similar to other major pairs the USDCHF also trapped in choppy market yesterday. The pair seem to move in ranging market between 1.1270 - 1.1120 area. The bias is neutral in nearest term but the bullish scenario in longer term is still intact. A breakout above 1.1270 could trigger further bullish scenario targeting 1.1420 area while a breakdown below 1.1120 would bring the pair into neutral zone. CCI in neutral area both on hourly and 4h chart.
USDCHF Daily Supports and Resistances:
Have a great day!