Thu, 14th of May, 2009
By Setyo Wibowo (firstname.lastname@example.org)
The EURUSD bullish momentum was paused yesterday. The pair attempted to push higher, topped at 1.3721 but further upside scenario was rejected as the pair whipsawed to the downside, hit the bottomed at 1.3566 and closed at 1.3598. Technically we have potential further downside correction indicated by double top formation around key resistance 1.3736 and daily CCI almost cross the 100 line down. Immediate support is seen at 1.3550 area. Break below that area could trigger further bearish correction towards 1.3400.
EURUSD Daily Supports and Resistances:
The GBPUSD was corrected lower yesterday. The pair bottomed at 1.5086 and closed at 1.5152. This fact lead me into conclusion that we are now in no trading zone area. We seem to have strong resistance around 1.5370 area, which is a key level at this phase. Immediate support is seen at 1.5050 area. Break below that area could trigger further bearish momentum and could be a potential warning of bullish scenario failure in longer term. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
USDJPY had another bearish momentum yesterday. On daily chart below we have â€œHead and Shouldersâ€ formation. The neckline has been violated to the downside, so technically this fact should lead us into further bearish outlook. The bias remains bearish in nearest term testing 94.10 area. CCI in oversold area and about to cross the 100 line up on hourly chart so watch put for a potential upside rebound testing 96.15 area.
USDJPY Daily Supports and Resistances:
The USDCHF 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 between 1.1104 â€“ 1.1004. The bias remains neutral in nearest term. Daily CCI in oversold area and heading up suggesting a potential upside rebound. Break above 1.1104 could trigger further bullish pressure testing key level 1.1160 area.
USDCHF Daily Supports and Resistances:
Have a great day!