Tue, 20th of January, 2009
By Setyo Wibowo (email@example.com)
The EURUSD failed to continue it’s bullish correction yesterday. The pair bottomed at 1.3058 and closed at 1.3061. We have a descending triangle formation on 4h chart indicating a bearish scenario. The key level is 1.2970 - 1.3000 support area. A break below that support area also be seen as a breakdown to the descending triangle and could trigger further bearish momentum targeting 1.2750 area. Immediate resistance is seen at 1.3135. CCI failed to cross the -100 line up and heading back down on daily chart suggesting a potential bearish pressure.
EURUSD Daily Supports and Resistances:
The Sterling slumped against Greenback yesterday. GBPUSD bottomed at 1.4357 and closed at 1.4385. The minor bullish channel on hourly chart has been violated to the downside. The bias is bearish. It seems like the bullish correction is over and the pair is now ready to continue the bearish scenario targeting 1.4080 area. Immediate resistance is seen at 1.4350 followed by 1.4490. CCI just cross the -100 line down on daily chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY was traded lower yesterday. The pair bottomed at 90.16 and closed at 90.56. On hourly chart we can see that the pair is moving in rectangle area between 91.30 - 90.15 indicating a consolidation phase. A break from the rectangle formation would give us a clearer direction. A breakdown to the downside could be the end of the current short term bullish correction and turn our eyes back on major bearish scenario. CCI heading down towards -100 line on hourly chart suggesting a potential downside pressure.
USDJPY Daily Supports and Resistances:
The USDCHF made a breakout from rectangle formation yesterday. The pair topped at 1.1356 and closed at 1.1345. The bias is bullish targeting 1.1550. Immediate support is seen at 1.1285. CCI in overbought area and heading down so watch out for a potential minor downside pressures.
USDCHF Daily Supports and Resistances:
Have a great day!