April 21, 2009

EURUSD Outlook
The EURUSD had another bearish momentum yesterday. After break below key support level at 1.3000 – 1.2950, the pair bottomed at 1.2888 and closed at 1.2919. The descending triangle pattern has been giving us a valid bearish scenario so far and I am still expecting further potential bearish movement towards 1.2456 this week. The bias remains bearish in nearest term but we seem to have support around 1.2840/50 area. Break below that area could trigger further bearish momentum targeting 1.2725 area. CCI in oversold area and heading up on h4 chart so watch out for a potential upside rebound testing 1.2950/70 resistance area. Break above that area could trigger further upside correction.

EURUSD Daily Supports and Resistances:

• S1= 1.2855
• S2= 1.2792
• S3= 1.2696
• R1= 1.3014
• R2= 1.3110
• R3= 1.3173

GBPUSD Outlook
The GBPUSD continued it’s bearish momentum yesterday. After violated the trendline support on h4 to the downside, the pair bottomed at 1.4499 and closed at 1.4536. The bias is bearish in nearest term targeting 1.4420 area. However CCI in oversold area and heading up on h4 chart so watch out for a potential upside rebound testing 1.4575 resistance area. Break above that area could trigger further upside correction.

GBPUSD Daily Supports and Resistances:

• S1= 1.4420
• S2= 1.4305
• S3= 1.4111
• R1= 1.4729
• R2= 1.4923
• R3= 1.5038

USDJPY Outlook
The USDJPY had a bearish momentum yesterday. The pair bottomed at 97.65 and closed at 97.87. On h4 chart we can see that the triangle formation has been violated to the downside. The bias is bearish in nearest term targeting 97.10 area. However CCI just cross the -100 line up om hourly chart so watch out for a potential upside rebound testing 98.10 resistance area. Break above that area could trigger further upside rebound.

USDJPY Daily Supports and Resistances:

• S1= 97.88
• S2= 96.89
• S3= 96.14
• R1= 99.62
• R2= 100.37
• R3= 101.36

USDCHF Outlook
The USDCHF attempted to push higher yesterday. The pair topped at 1.1739 but closed lower at 1.1689. On daily chart below we have a shooting star candlestick pattern suggesting a potential bullish exhaustion and a warning of bearish reversal. The bias is neutral in nearest term. Immediate resistance is seen at 1.1750. Initial support at 1.1620. CCI just cross the 100 line down on h4 chart suggesting a potential downside pressure.

USDCHF Daily Supports and Resistances:

• S1= 1.1644
• S2= 1.1602
• S3= 1.1555
• R1= 1.1733
• R2= 1.1780
• R3= 1.1822