Tue, 09th of June, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD attempted to push lower yesterday, bottomed at 1.3803 but further bearish pressure was rejected as the price closed higher at 1.3902. The bias is neutral in nearest term. We might have another downside attempt today and any movement below 1.3790 support area should trigger further bearish momentum towards 1.3650. Immediate resistance at 1.4000 – 1.4050 area. Break above that area should trigger further bullish momentum. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

•    S1= 1.3803

•    S2= 1.3704

•    S3= 1.3605

•    R1= 1.4001

•    R2= 1.4100

• R3= 1.4199

GBPUSD Outlook

The GBPUSD also attempt to push lower yesterday, bottomed at 1.5800 but closed higher at 1.6043. On h1 chart below we can see that support at 1.5790 area did a good job preventing the pair from further bearish attack. The bias is neutral in nearest term. Immediate resistance is seen at 1.6103 (yesterday’s high). Break above that area could trigger further bullish momentum towards 1.6240 area. CCI in neutral area on both h4 and daily chart.

GBPUSD Daily Supports and Resistances:

•    S1= 1.5861

•    S2= 1.5679

•    S3= 1.5558

•    R1= 1.6164

•    R2= 1.6285

•    R3= 1.6467

USDJPY Outlook

The USDJPY didn’t make significant  movement yesterday by opened and closed at almost the same price, formed a Doji formation on daily chart. On hourly chart below we have triangle formation after bullish momentum indicating consolidation. Break from the triangle should give us clearer direction. The bias is neutral in nearest term. Immediate support is seen at 98.20. Initial resistance at 98.90 area. Break above that area could trigger further bullish momentum testing 99.50. CCI in neutral area on h1 chart.

USDJPY Daily Supports and Resistances:

•    S1= 98.14

•    S2= 97.83

•    S3= 97.48

•    R1= 98.80

•    R2= 99.15

•    R3= 99.46

USDCHF Outlook

The USDCHF attempted to push higher yesterday, topped at 1.0985 but the bullish power seemed limited as the pair closed lower at 1.0912. On h4 chart below we can see that the bearish trendline has been violated to the upside, but the price pullback near the trendline (now become support). The bias is neutral in nearest term and I think we are now in no trading zone. Immediate resistance at 1.0985 (yesterday’s high). Break above that area should trigger further bullish momentum towards 1.1065 area. Initial support at 1.0810. CCI in neutral area on daily chart.

USDCHF Daily Supports and Resistances:

•    S1= 1.0835

•    S2= 1.0758

•    S3= 1.0683

•    R1= 1.0987

•    R2= 1.1062

•    R3= 1.1139

Have a great day!