Fri, 16th of January, 2009
By Setyo Wibowo (email@example.com)
The EURUSD made another indecisive movement yesterday. The pair breakdown the rectangle pattern, hit the bottom at 1.3026 but closed higher at 1.3137. Although we have consistent lower highs and lows since January 08, 2 Doji candlestick appeared in the last 2 days might be a sign of exhausted bullish power. On daily chart, former violated bearish trend line is now has to do it’s job as an important support andÂ violation to the downside could trigger further bearish outlook. The bias remains neutral in nearest term but only a break above 1.3530 area could be a potential violation to the major bearish scenario. Immediate support is seen at 1.3110 area. A break below that support could trigger another downside attempt testing 1.2970 - 1.3000 area once again. Initial resistance at 1.3250-1.3300. CCI in oversold area and heading up on daily chart suggesting a potential upside pressures.
EURUSD Daily Supports and Resistances:
The GBPUSD continued it’s soft bullish momentum yesterday but still trapped in 1.4706 - 1.4465 ranging area. On hourly and 4h chart the pair is making a new minor bullish channel. The bias is bullishÂ in nearest term but only a break above 1.4900 area could be a potential violation to the major bearish scenario. A break above 1.4706 could trigger further bullish momentum. Immediate support at 1.4580. CCI in neutral area on 4h chart.
GBPUSD Daily Supports and Resistances:
The USDJPY made a breakout from the rectangle formation yesterday. The pair had a bullish momentum, topped at 90.02 and closed at 98.88. The bias is bullish in nearest term targeting 90.80 but still neutral in longer term. Immediate support at 89.88. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
The USDCHF had a soft bullish momentum yesterday. The pair topped at 1.1287 and closed at 1.1236. Looks like the 1.1270-80 resistance still doing a great job for the Swiss Franc. We still have the bullish channel on 4h but the channel seem to have some downside pressures. CCI just cross the 100 line down on 4h chart suggesting a potential bearish pressures. A breakdown from the bullish channel could open the door to a bearish outlook back towards 1.0860 area.
USDCHF Daily Supports and Resistances:
Have a great weekend!