Thu, 04th of June, 2009
By Setyo Wibowo (email@example.com)
Yesterday the US Dollar recovered from it’s lowest level this year against the Euro. The pair bottomed at 1.4108 and closed at 1.4161. This bearish momentum is significant, but for me, technically the bullish scenario in medium term is not violated yet as long as the pair stay above 1.4050 and bullish trendline on h4 chart hold. The bias is bearish in nearest term but I think it is not the best time to trade now. Break below 1.4050 could trigger bigger bearish correction towards 1.3890 area. CCI about to cross the 100 line down on daily chart suggesting potential downside pressure.
EURUSD Daily Supports and Resistances:
The Greenback also recovered slightly against Sterling yesterday. On Fibonacci retracement study from bigger point of view of daily chart below (of 1.3886 â€“ 1.6660) we can see that this downside momentum is actually a normal correction movement and should not be a surprise. The bias is bearish in nearest term but remains bullish in medium term. I think it’s better to stay away from the market and wait for further development. Immediate support is seen at 1.6240 and 1.6110 area. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY didn’t make significant movement yesterday. I think we are now in no trading zone. We have triangle formation on daily chart indicating consolidation. On the upside, the key level 96.60 should be a strong resistance. Break above that area should trigger further bullish momentum. Immediate support is seen at 95.38 (yesterday’s low). Break below that area could trigger further bearish momentum towards 94.50.Â CCI in neutral area both on h4 and daily chart.
USDJPY Daily Supports and Resistances:
The USDCHF was corrected higher yesterday. In medium term outlook, this upside correction momentum should be a normal movement as long as the pair stay below 1.0810. I think it’s better to stay away from the market and wait for further development. Immediate support is seen at 1.6000 (yesterday’s low). CCI about to cross the -100 line up on daily chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
Have a great day!