Wed, 06th of May, 2009
By Setyo Wibowo (email@example.com)
The EURUSD was corrected lower yesterday. If we look from the bullish movement since April 22, this downside correction should be normal. However we have a rising wedge formation on h4 chart which should be a warning about potential bearish reversal scenario if the wedge breakdown to the downside. Immediate support is seen at 1.3260 area. Break below that area could trigger further bearish momentum back towards 1.3100 area. Initial resistance at 1.3390 â€“ 1.3435 area. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
The GBPUSD had a moderate bullish momentum yesterday. On hourly chart below we have triangle formation indicating consolidation, which is normal after a significant bullish momentum. The bias is neutral in nearest term and we might see more downside consolidation testing the trendline support. Immediate support is seen at 1.5000 â€“ 1.4940 area. Initial resistance at 1.5159 (yesterday’s high). CCI about to cross the 100 line down on h4 chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY made indecisive movement yesterday, formed a Doji formation on daily chart. On hourly chart below we can see that the pair still trapped in rectangle area (99.55 â€“ 98.70). The bias remains neutral in nearest term. Valid break from the rectangle should give us clearer direction. CCI in neutral area in all three time frames (hourly, h4, daily).
USDJPY Daily Supports and Resistances:
The USDCHF was corrected higher yesterday. On h4 chart below we can see that after hit the strong support around 1.1240 area the pair moved higher. I think this situation is normal and natural since oftenly the pair would make upside consolidation towards trendline resistance (former support). Immediate resistance is seen at 1.1380 followed by 1.1465. 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!