Fri, 22th of May, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD continued it’s bullish momentum yesterday. The pair topped at 1.3922 and closed at 1.3888. From bigger outlook of Fibonacci retracement study on daily chart below, the pair is now challenging 50% Fibo (of 1.6037 – 1.2327) around 1.4173 area as the next bullish target. The bias is bullish in nearest term targeting 1.4040 area. However CCI in overbought area and about to cross the 100 line down on hourly chart so watch out for a potential downside rebound testing 1.3850 support area. Break below that area could lead us into no trading zone.

EURUSD Daily Supports and Resistances:

  • S1= 1.3770
  • S2= 1.3653
  • S3= 1.3577
  • R1= 1.3963
  • R2= 1.4039
  • R3= 1.4156
  • GBPUSD Outlook

    The GBPUSD also has significant bullish momentum this week and I think from bigger time frame on medium outlook the pair should now ready for further bullish scenario towards 1.6114 (38.2% Fibo retracement of 2.0396 – 1.3502). However in nearest term, we have “hanging man” candle stick formation seen on daily chart below, so watch out for a potential downside correction. Immediate support is seen at 1.5800 – 1.5750 area. Break below that area could lead us into no trading zone.

    GBPUSD Daily Supports and Resistances:

  • S1= 1.5607
  • S2= 1.5374
  • S3= 1.5234
  • R1= 1.5980
  • R2= 1.6120
  • R3= 1.6353
  • USDJPY Outlook

    The USDJPY had a moderate bearish momentum yesterday. The pair bottomed at 93.99 but closed higher at 94.40. In nearest term, as long as the pair stay below 94.50 resistance area, the bias is bearish targeting 93.50. Break above 94.50 could lead us into no trading zone. CCI in oversold area and heading up on hourly chart suggesting a potential upside rebound.

    USDJPY Daily Supports and Resistances:

  • S1= 93.85
  • S2= 93.30
  • S3= 92.61
  • R1= 95.09
  • R2= 95.78
  • R3= 96.33
  • USDCHF Outlook

    The USDCHF continued it’s bearish momentum yesterday. The pair bottomed at 1.0914 and closed at 1.0934. The bias remains bearish in nearest term targeting 1.0810 area. Immediate resistance at 1.0976. Break above that area could lead us into no trading zone. CCI in oversold area and about to cross the -100 line up on hourly chart so watch out for a potential upside rebound.

    USDCHF Daily Supports and Resistances:

  • S1= 1.0880
  • S2= 1.0827
  • S3= 1.0740
  • R1= 1.1020
  • R2= 1.1107
  • R3= 1.1160
  • Have a great day!