Fri, 12th of June, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD had a bullish momentum yesterday. The pair topped at 1.4176 but failed to stay above 1.4141 area and closed lower at 1.4106. For me this fact indicating unclear direction for both nearest and medium term. Immediate resistance is seen at 1.4176 (yesterday’s high and 50% Fibo Retracement of 1.6037 – 1.2327). Consistent movement above that area should trigger further bullish momentum targeting 1.4240. Initial support at  1.4000 – 1.4050 area. CCI about to cross the 100 line down on h4 chart suggesting potential downside pressure.

EURUSD Daily Supports and Resistances:

  • S1= 1.3974
  • S2= 1.3843
  • S3= 1.3742
  • R1= 1.4206
  • R2= 1.4307
  • R3= 1.4438
  • GBPUSD Outlook

    The GBPUSD had significant bullish momentum yesterday. The pair topped at 1.6619 and closed at 1.6589. The bias is bullish in nearest term but we seem to have important resistance around 1.6660 area. Break above that area should trigger further bullish momentum towards 1.6800 area. CCI just cross the 100 line down on h1 chart suggesting a potential minor downside pullback testing 1.6530 and 1.6475 support area.

    GBPUSD Daily Supports and Resistances:

  • S1= 1.6412
  • S2= 1.6235
  • S3= 1.6132
  • R1= 1.6692
  • R2= 1.6795
  • R3= 1.6972
  • USDJPY Outlook

    The USDJPY had a moderate bearish momentum yesterday. For me this fact confirm the consolidation phase and no trading zone as the pair is still trapped in triangle area (as shown in h4 chart below). Immediate support is seen at 97.20 followed by 96.60. Initial resistance at 98.50 area. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.

    USDJPY Daily Supports and Resistances:

  • S1= 97.09
  • S2= 96.56
  • S3= 95.85
  • R1= 98.33
  • R2= 99.04
  • R3= 99.57
  • USDCHF Outlook

    The USDCHF had significant bearish momentum yesterday. The pair bottomed at 1.0649 and closed at 1.0700. On h4 chart below we can see that the triangle has been violated to the downside. The bias is bearish in nearest term but we have hammer candlestick formation as a potential warning of bearish exhaustion and upside pullback. I don’t like technical analysis contradiction, so I think it’s better to stay away now. Immediate support is seen at 1.0615. Initial resistance at 1.0760.

    USDCHF Daily Supports and Resistances:

  • S1= 1.0620
  • S2= 1.0540
  • S3= 1.0432
  • R1= 1.0808
  • R2= 1.0916
  • R3= 1.0996
  • Have a great day!