Wed, 22th of April, 2009

EURUSD Outlook
The EURUSD made indecisive movement yesterday. The pair attempted to make higher correction, topped at 1.2992 but closed lower at 1.2945. From the bearish scenario point of view since the downside momentum from 1.3734, as long as the pair stay below 1.3100, any upside corrective movement is “normal”. The bias is neutral in nearest term and I think we are now in no trading zone. On daily chart we had symmetrical triangle formation indicating a consolidation. The “double bottom” at 1.2890 (April 20 and 21 low) area should be the key support level at this phase. Break below that area could trigger further bearish scenario towards 1.2725 area. CCI in neutral area on both hourly and h4 chart.

EURUSD Daily Supports and Resistances:

• S1= 1.2896
• S2= 1.2847
• S3= 1.2799
• R1= 1.2993
• R2= 1.3041
• R3= 1.3090

GBPUSD Outlook
The GBPUSD was corrected higher yesterday. On h4 chart we can see that after breakdown the trendline support, the pair moved higher testing the same trendline (now become resistance). The bias is neutral in nearest term and we are entering the no trading zone. Immediate resistance is seen at 1.4750. Initial support at 1.4550. CCI in neutral area both on h4 and daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.4523
• S2= 1.4374
• S3= 1.4283
• R1= 1.4763
• R2= 1.4854
• R3= 1.5003

USDJPY Outlook
The USDJPY was traded higher yesterday. The pair topped at 98.89 and closed at 98.70. On h4 chart we can see that the bearish pressure from 101.43 found strong support around 97.60/70 area. The bias is neutral in nearest term and it’s better to stay away from the market now and wait for further development. Immediate resistance is seen at 99.00 area. Break above that area could trigger further bullish momentum. CCI in neutral area both on h4 and daily chart.

USDJPY Daily Supports and Resistances:

• S1= 97.98
• S2= 97.26
• S3= 96.81
• R1= 99.15
• R2= 99.60
• R3= 100.32

USDCHF Outlook
The USDCHF made indecisive movement yesterday. On hourly chart below we can see that after had a significant bullish momentum, the pair is now moving in ranging area between 1.1739 – 1.1635. The bias remains neutral in nearest term. Break from the ranging area could give us clearer direction. CCI in neutral area both on hourly and h4 chart.

USDCHF Daily Supports and Resistances:

• S1= 1.1633
• S2= 1.1593
• S3= 1.1552
• R1= 1.1714
• R2= 1.1755
• R3= 1.1795

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