Wed, 28th of January, 2009
By Setyo Wibowo (email@example.com)
The EURUSD didn’t make a significant movement yesterday. The pair attempted to push higher, topped at 1.3328 but further bullish momentum was rejected as the pair closed lower at 1.3183. The bias is neutral in nearest term. On hourly chart we can see that the pair is moving in rectangle area of 1.3328 - 1.3136 indicating that the pair is in consolidation phase after some bullish correction momentum. A break from the rectangle formation should give us a clearer direction. A breakout from the rectangle could be a sign of the bullish correction continuation towards 1.3500 area. Be patient at this phase. Former trend line resistance is now have to do a new task as a support. Initial support is seen at 1.3050 - 1.3100 area. CCI in neutral area on both hourly and daily chart.
EURUSD Daily Supports and Resistances:
The GBPUSD had a bullish momentum yesterday. The pair topped at 1.4240 but closed lower at 1.4156. We still have bullish channel on hourly chart, but at the same time a rectangle formation, indicating a consolidation phase. The bias is neutral in nearest term but bullish correction scenario still intact.Â A break from the rectangle formation should give us a clearer direction. CCI in overbought area and heading down on 4h chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY failed to continue it’s bullish momentum yesterday. The pair made an indecisive movement by opened and closed at almost the same price (89.06 and 89.12). On 4h chart we can see that the pair is trapped in rectangle formation between 90.20 - 88.20 area since January 21. Former trend line resistance is now become an important support. The bias is neutral in nearest/medium term. Immediate support is seen at 88.50. Initial resistance at 89.50.
USDJPY Daily Supports and Resistances:
After corrected lower on Monday, yesterday the USDCHF made a moderate bullish movement. On hourly chart we can see that after had a bearish correction momentum, the pair is now trapped in rectangle formation (of 1.1430 - 1.1330) indicating a consolidation phase. The bias is neutral in nearest term. A break from the rectangle formation should give us a clearer direction. CCI in neutral area on daily chart.
USDCHF Daily Supports and Resistances:
Have a great day!