Fri, 23th of January, 2009
By Setyo Wibowo (firstname.lastname@example.org)
The EURUSD didn’t make significant movement yesterday. On hourly chart we can see that the pair trapped in choppy market between 1.3082 - 1.2906 indicating a consolidation phase. The bias remains neutral in nearest term. We still have a valid bullish minor channel on hourly chart but the major trend in longer term remains bearish. Immediate resistance is seen at 1.3100 followed by 1.3250. Initial support at 1.2920. A break below that support level could trigger a further bearish momentum targeting 1.2750 area. CCI in neutral area both on hourly and 4h chart.
EURUSD Daily Supports and Resistances:
As I had expected, the GBPUSD had another bearish momentum yesterday. The pair hit my short target at 1.3700, bottomed at 1.3689, but closed higher at 1.3884. On hourly chart we can see that the pair has been moving in rectangle area between 1.4025 - 1.3690 since January 21. The bias is neutral in nearest term but major bearish scenario still intact. Immediate support is seen at 1.3750. Initial resistance at 1.3890 followed by 1.4050.
GBPUSD Daily Supports and Resistances:
The USDJPY made a moderate bearish movement yesterday. The pair bottomed at 88.06 but closed higher at 88.86. We still have a valid bearish and 4h chart. The bias is neutral in nearest term but still bearish in longer term. Only aÂ breakout from the bearish channel could be considered as a potential violation to the current bearish outlook. Immediate resistance is seen at 89.90. Initial support at 88.40. CCI just cross the -100 line up on 4h chart suggesting a potential upside pressure.
USDJPY Daily Supports and Resistances:
The USDCHF made another indecisive movement yesterday, formed another Doji candlestick formation on daily chart. We have a rectangle formation between 1.1595 - 1.1508 on hourly chart indicating a consolidation phase. A break from the rectangle formation should give us a clearer direction. The bias is neutral in nearest term but bullish major scenario targeting 1.1800 is still intact. Immediate resistance is seen at 1.1650. CCI just cross the 100 line down on 4h chart suggesting a potential downside pressure testing support at 1.1410.
USDCHF Daily Supports and Resistances:
Have a great weekend!