Wed, 27th of May, 2009
By Setyo Wibowo (email@example.com)
The EURUSD attempted to continue it’s bearish correction yesterday, bottomed at 1.3859 but further downside momentum was rejected as the pair whipsawed to the upside and closed higher at 1.3983. On hourly chart below we can see that the trendline support did a good job preventing further bearish attack. At this phase, it seems like the battle between buyers and sellers is technically reflected on 1.4050 resistance line and the trendline support. Break above 1.4050 could trigger further bullish continuation towards 1.4173 while break below the trendline support could trigger further bearish correction testing 1.3825 and 1.3736 key support level area. I think we still in no trading zone in nearest term but remain bullish in medium term. CCI in neutral area on h4 chart.
EURUSD Daily Supports and Resistances:
The GBPUSD had indecisive movement yesterday. The pair attempted to push lower, bottomed at 1.5777 but further downside attack was rejected as the pair whipsawed to the upside and closed higher at 1.5923. On hourly chart below we can see that the pair has been moving in rectangle area indicating consolidation phase after significant bullish momentum. Breakout to the upside of the rectangle area (1.5966) could trigger further bullish continuation towards 1.6050 area. Immediate support is seen at 1.5880 followed by 1.5830. CCI about to cross the 100 line up on hourly chart suggesting a potential upside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY didn’t make significant movement yesterday. It looks like the pair is consolidating now. On hourly chart below we have ascending triangle formation indicating a potential bullish scenario if the triangle violated to the upside (also remember the â€œhammerâ€ formation seen on Friday) testing key level at 96.60/70 area. CCI just cross the 100 line up on h4 chart suggesting a potential upside pressure.
USDJPY Daily Supports and Resistances:
The USDCHF made another indecisive movement yesterday. On hourly chart below we can see strong support at 1.0810 area (triple bottom) still hold. Break below that area could trigger further bearish momentum targeting 1.0740 area. Immediate resistance at 1.0870. CCI heading down towards -100 line on h4 chart suggesting a potential downside pressure.
USDCHF Daily Supports and Resistances:
Have a great day!