Thu, 28th of May, 2009
By Setyo Wibowo (firstname.lastname@example.org)
Yesterday I said about battle between buyers and sellers reflected on resistance line at 1.4050 and trendline support on hourly chart, and the battle was won by the sellers as the trendline support violated to the downside. This fact should trigger further bearish pressure testing key support level at 1.3736 area in nearest term. However, for me this is not the best time to trade since bullish outlook of medium term still intact and this bearish momentum still considered as counter trend movement/correction of the medium term trend. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure.
EURUSD Daily Supports and Resistances:
After breakout from the rectangle area (1.5966), yesterday the GBPUSD had bullish momentum, topped at 1.6085 but the bullish power seemed very limited as the the pair closed lower at 1.5955. I think we are now back in the no trading zone. However, if the price consistently move above 1.6000 area today, we might see further upside pressure testing 1.6125 area. Immediate support is seen at 1.5922 (yesterday’s low). Break below that area could trigger further bearish pressure towards 1.5850 area. CCI just cross the 100 line down on h4 chart suggesting a potential downside pressure.
GBPUSD Daily Supports and Resistances:
The USDJPY had moderate bullish momentum yesterday. We still have minor bullish channel seen on h4 chart with 96.60/70 resistance level to test. Immediate resistance is seen at 95.50. Break above that area could trigger further bullish momentum. Initial support at 94.50 area. CCI just cross the 100 line up on h4 chart suggesting a potential upside pressure.
USDJPY Daily Supports and Resistances:
The USDCHF was corrected higher yesterday. On hourly chart below we can see that after failed to break below 1.0810 support (triple bottom) the pair had a bullish momentum. The key level at this phase is 1.0930. Break above that area could trigger further bullish momentum towards 1.1010. CCI just cross the -100 line up on daily chart suggesting a potential upside pressure.
USDCHF Daily Supports and Resistances:
Have a great day!