FxInstructor
09-04-2008, 11:12 PM
EURUSD Outlook
After failed to break key level 1.4545 to the upside, yesterday the EURUSD made a huge bearish movement. The pair bottomed at 1.4212 and closed at 1.4242. Early today in Asian market the pair was softly corrected, traded around 1.4285 at the time I wrote this comment. My model is mixed with neutral bias in nearest term, but still bearish in longer term. Immediate resistance is seen at 1.4290 followed by 1.4338. Initial support at 1.4175, the next bearish target. CCI just cross -100 line up on hourly chart suggesting a potential minor bullish correction. However long trade positions is not recommended at this phase. Eyes on US NFP data today.
http://i36.tinypic.com/2uiytsn.jpg
EURUSD Daily Supports and Resistances:
S1= 1.4121
S2= 1.4000
S3= 1.3789
R1= 1.4453
R2= 1.4664
R3= 1.4785
GBPUSD Outlook
The Sterling slumped against Greenback yesterday. The pair bottomed at 1.7553 and closed 1.7603. We have a new bearish channel on hourly chart. My model is mixed with downside bias. Immediate resistance is seen at 1.7625. Initial support at 1.7505. CCI in oversold area in all 3 time frames (hourly, 4h, daily) so the pair bearish momentum might have exhausted. However long trade positions is not recommended. Eyes on US NFP data today.
GBPUSD Daily Supports and Resistances:
S1= 1.7484
S2= 1.7366
S3= 1.7179
R1= 1.7789
R2= 1.7976
R3= 1.8094
USDJPY Outlook
The USDJPY continued it's bearish momentum yesterday. The pair bottomed at 106.23 and closed at 106.45. My model is mixed with downside bias. Immediate support is seen at 105.68. Initial resistance at 107.65. CCI in oversold area in both 4h and daily chart.
USDJPY Daily Supports and Resistances:
S1= 105.59
S2= 104.74
S3= 103.25
R1= 107.93
R2= 109.42
R3= 110.27
USDCHF Outlook
Yesterday the USDCHF continued it's bullish momentum. The pair topped at 1.1179 and closed at 1.1131. We have a new bullish channel on hourly chart. My model is mixed with neutral bias in nearest term but still bearish in longer term. Immediate support is seen at 1.1073. Initial resistance at 1.1179 (yesterday's high). CCI just cross 100 line down on 4h chart suggesting a potential minor bearish correction. However, long trade positions is not recommended. Eyes on US NFP data today.
USDCHF Daily Supports and Resistances:
S1= 1.1032
S2= 1.0933
S3= 1.0860
R1= 1.1204
R2= 1.1277
R3= 1.1376
Have a great weekend!
After failed to break key level 1.4545 to the upside, yesterday the EURUSD made a huge bearish movement. The pair bottomed at 1.4212 and closed at 1.4242. Early today in Asian market the pair was softly corrected, traded around 1.4285 at the time I wrote this comment. My model is mixed with neutral bias in nearest term, but still bearish in longer term. Immediate resistance is seen at 1.4290 followed by 1.4338. Initial support at 1.4175, the next bearish target. CCI just cross -100 line up on hourly chart suggesting a potential minor bullish correction. However long trade positions is not recommended at this phase. Eyes on US NFP data today.
http://i36.tinypic.com/2uiytsn.jpg
EURUSD Daily Supports and Resistances:
S1= 1.4121
S2= 1.4000
S3= 1.3789
R1= 1.4453
R2= 1.4664
R3= 1.4785
GBPUSD Outlook
The Sterling slumped against Greenback yesterday. The pair bottomed at 1.7553 and closed 1.7603. We have a new bearish channel on hourly chart. My model is mixed with downside bias. Immediate resistance is seen at 1.7625. Initial support at 1.7505. CCI in oversold area in all 3 time frames (hourly, 4h, daily) so the pair bearish momentum might have exhausted. However long trade positions is not recommended. Eyes on US NFP data today.
GBPUSD Daily Supports and Resistances:
S1= 1.7484
S2= 1.7366
S3= 1.7179
R1= 1.7789
R2= 1.7976
R3= 1.8094
USDJPY Outlook
The USDJPY continued it's bearish momentum yesterday. The pair bottomed at 106.23 and closed at 106.45. My model is mixed with downside bias. Immediate support is seen at 105.68. Initial resistance at 107.65. CCI in oversold area in both 4h and daily chart.
USDJPY Daily Supports and Resistances:
S1= 105.59
S2= 104.74
S3= 103.25
R1= 107.93
R2= 109.42
R3= 110.27
USDCHF Outlook
Yesterday the USDCHF continued it's bullish momentum. The pair topped at 1.1179 and closed at 1.1131. We have a new bullish channel on hourly chart. My model is mixed with neutral bias in nearest term but still bearish in longer term. Immediate support is seen at 1.1073. Initial resistance at 1.1179 (yesterday's high). CCI just cross 100 line down on 4h chart suggesting a potential minor bearish correction. However, long trade positions is not recommended. Eyes on US NFP data today.
USDCHF Daily Supports and Resistances:
S1= 1.1032
S2= 1.0933
S3= 1.0860
R1= 1.1204
R2= 1.1277
R3= 1.1376
Have a great weekend!