Mon, 11th of May, 2009

May 11 Market Commentary and Technical Levels

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD had a significant bullish momentum on Friday. The pair topped at 1.3630 and closed at 1.3625. On h4 chart below we can see that the pair is now ready to test the key level 1.3736. Break above that area could trigger further bullish scenario towards 1.3900 area. However CCI in overbought area and heading down on both hourly and h4 chart so watch out for potential downside rebound testing 1.3580 and 1.3500 support area.

EUR/USD

EURUSD Daily Supports and Resistances:

  • S1= 1.3434
  • S2= 1.3244
  • S3= 1.3146
  • R1= 1.3722
  • R2= 1.3820
  • R3= 1.4010
  • GBPUSD Outlook

    The GBPUSD also had bullish momentum on Friday. The pair topped at 1.5236 and closed at 1.5234. On daily chart below we have a bullish channel with 1.5371 as potential resistance (bullish target). However CCI in overbought area and heading down both on hourly and h4 chart so watch out for a potential downside pullback testing 1.5160 and 1.5100 support area.

    GBPUSD Daily Supports and Resistances:

  • S1= 1.5055
  • S2= 1.4876
  • S3= 1.4786
  • R1= 1.5324
  • R2= 1.5414
  • R3= 1.5593
  • USDJPY Outlook

    The USDJPY had a bearish momentum on Friday. On hourly chart below we can see that the pair is moving in rectangle area between 99.55 and 97.90 since April 30. The bias is bearish in nearest term testing 97.90 support area but remains neutral in medium term. CCI about to cross the -100 line up on hourly chart suggesting a potential upside rebound testing 99.10 area. Break above that area should lead us into no trading zone.

    USDJPY Daily Supports and Resistances:

  • S1= 98.00
  • S2= 97.56
  • S3= 96.80
  • R1= 99.20
  • R2= 99.96
  • R3= 100.40
  • USDCHF Outlook

    The USDCHF had a significant bearish momentum on Friday. On 4h chart we can see that the pair break below important support at 1.1160 area before hit the bottom at 1.1056 and closed at 1.1064. The bias is bearish in nearest term testing 1.0950 area. However CCI in oversold area and heading up both on hourly and h4 chart so watch out for a potential upside rebound testing 1.1100 and 1.1160 resistance area.

    USDCHF Daily Supports and Resistances:

  • S1= 1.0968
  • S2= 1.0873
  • S3= 1.0690
  • R1= 1.1246
  • R2= 1.1429
  • R3= 1.1524
  • Have a great day!