Tue, 19th of May, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD failed to continue it’s bearish scenario yesterday. The pair attempted to push lower, bottomed at 1.3423 but further bearish momentum was rejected as the pair whipsawed to the upside, hit the top at 1.3562 and closed at 1.3560. This fact bring us into no trading zone in nearest term. On hourly chart below, we still have the bearish channel since downside momentum from 1.3721. Violation to the upside of the bearish channel could trigger further bullish momentum back towards 1.3721 again. Immediate support is seen at 1.3480 area. Break below that area could trigger further bearish pressure. CCI in neutral area on h4 chart.

EURUSD Daily Supports and Resistances:

  • S1= 1.3468
  • S2= 1.3376
  • S3= 1.3329
  • R1= 1.3607
  • R2= 1.3654
  • R3= 1.3746
  • GBPUSD Outlook

    The GBPUSD had a bullish momentum yesterday. The pair topped at 1.5347 and closed at 1.5346. On h4 chart below we can see that the trendline support did a great job preventing the pair from further bearish attack. I think we are now in no trading zone area and it’s better to stay away from the market and wait for further development. The key level at this phase is 1.5370 area. Break above that area could trigger further bullish scenario towards 1.5525 area. CCI just cross the 100 line up on daily chart suggesting a potential upside pressure.

    GBPUSD Daily Supports and Resistances:

  • S1= 1.5191
  • S2= 1.5037
  • S3= 1.4959
  • R1= 1.5423
  • R2= 1.5501
  • R3= 1.5655
  • USDJPY Outlook

    The USDJPY had a significant upside correction yesterday. The pair topped at 96.45 and closed at 96.29. The bias is neutral in nearest term. Key level at this phase is 96.60/70. Break above that area could trigger further bullish momentum targeting 97.50. Immediate support at 95.75. CCI just cross the -100 line up on daily chart suggesting a potential upside pressure.

    USDJPY Daily Supports and Resistances:

  • S1= 95.07
  • S2= 93.86
  • S3= 93.17
  • R1= 96.97
  • R2= 97.66
  • R3= 98.87
  • USDCHF Outlook

    The USDCHF had a bearish momentum yesterday. On h4 chart below we can see that the trendline resistance did a great job preventing the pair from further bullish attack and now the pair is traded below 1.1160. The bias is neutral in nearest term. Immediate support is seen at 1.1100. Break below that area could trigger further bearish momentum. CCI in neutral area on h4 chart.

    USDCHF Daily Supports and Resistances:

  • S1= 1.1098
  • S2= 1.1057
  • S3= 1.0978
  • R1= 1.1218
  • R2= 1.1297
  • R3= 1.1338
  • Have a great day!