FxInstructor
02-18-2009, 08:17 PM
Thu, 19th of February, 2009
February 19 market commentary and technical levels
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD made a moderate bearish momentum yesterday. The pair opened at 1.2581 and closed at 1.2526. The pair is now traded around 1.2560 at the time I wrote this comment. On hourly chart we have bearish market scenario but we also have an ascending triangle formation, so watch out for a potential minor bullish reversal. The bias is neutral in nearest term but remains bearish in medium term. Immediate resistance at 1.2650 – 1.2700 area. Initial support at 1.2500. Break below that support level could trigger further bearish scenario towards 1.2300 area. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure.
http://i41.tinypic.com/2w4lf8n.jpg
EURUSD Daily Supports and Resistances:
S1= 1.2478
S2= 1.2430
S3= 1.2351
R1= 1.2605
R2= 1.2684
R3= 1.2732
GBPUSD Outlook
The GBPUSD failed to break from the rectangle formation yesterday. The pair attempted to push lower, bottomed at 1.4090 but further bearish scenario was rejected as the pair closed higher at 1.4208, made a Doji candlestick formation on daily chart indicating indecisive market. The bias remains neutral in nearest term. Immediate resistance at 1.4300. Break above that level could trigger further bullish momentum. Initial support at 1.4130 followed by 1.4050. CCI in neutral area on daily chart.
http://i40.tinypic.com/r2opxu.jpg
GBPUSD Daily Supports and Resistances:
S1= 1.4100
S2= 1.3992
S3= 1.3894
R1= 1.4306
R2= 1.4404
R3= 1.4512
USDJPY Outlook
After break to the upside of 92.70, the USDJPY made a significant bullish momentum yesterday. The pair topped at 93.95 and closed at 93.79. The bias remains bullish in nearest term targeting 94.60 but remains neutral in medium term. Immediate resistance is seen at 93.90. Initial support at 92.30. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure.
http://i41.tinypic.com/2qn8av6.jpg
USDJPY Daily Supports and Resistances:
S1= 92.60
S2= 91.41
S3= 90.74
R1= 94.46
R2= 95.13
R3= 96.32
USDCHF Outlook
The USDCHF continued it's bullish momentum yesterday. The pair topped at 1.1825 and closed at 1.1780. However the pair was traded lower early today in Asian session at 1.1735 at the time I wrote this comment. On 4h chart we can see that the pair made a false breakout of the ascending triangle formation and moved lower back inside the triangle. CCI just cross the 100 line down supporting potential downside pressure. The bias is neutral in nearest term. Immediate resistance at 1.1825 (yesterday's high). Initial support at 1.1715 followed by 1.1650.
http://i42.tinypic.com/j5cxsg.jpg
USDCHF Daily Supports and Resistances:
S1= 1.1678
S2= 1.1576
S3= 1.1503
R1= 1.1853
R2= 1.1926
R3= 1.2028
Have a great day!
February 19 market commentary and technical levels
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD made a moderate bearish momentum yesterday. The pair opened at 1.2581 and closed at 1.2526. The pair is now traded around 1.2560 at the time I wrote this comment. On hourly chart we have bearish market scenario but we also have an ascending triangle formation, so watch out for a potential minor bullish reversal. The bias is neutral in nearest term but remains bearish in medium term. Immediate resistance at 1.2650 – 1.2700 area. Initial support at 1.2500. Break below that support level could trigger further bearish scenario towards 1.2300 area. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure.
http://i41.tinypic.com/2w4lf8n.jpg
EURUSD Daily Supports and Resistances:
S1= 1.2478
S2= 1.2430
S3= 1.2351
R1= 1.2605
R2= 1.2684
R3= 1.2732
GBPUSD Outlook
The GBPUSD failed to break from the rectangle formation yesterday. The pair attempted to push lower, bottomed at 1.4090 but further bearish scenario was rejected as the pair closed higher at 1.4208, made a Doji candlestick formation on daily chart indicating indecisive market. The bias remains neutral in nearest term. Immediate resistance at 1.4300. Break above that level could trigger further bullish momentum. Initial support at 1.4130 followed by 1.4050. CCI in neutral area on daily chart.
http://i40.tinypic.com/r2opxu.jpg
GBPUSD Daily Supports and Resistances:
S1= 1.4100
S2= 1.3992
S3= 1.3894
R1= 1.4306
R2= 1.4404
R3= 1.4512
USDJPY Outlook
After break to the upside of 92.70, the USDJPY made a significant bullish momentum yesterday. The pair topped at 93.95 and closed at 93.79. The bias remains bullish in nearest term targeting 94.60 but remains neutral in medium term. Immediate resistance is seen at 93.90. Initial support at 92.30. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure.
http://i41.tinypic.com/2qn8av6.jpg
USDJPY Daily Supports and Resistances:
S1= 92.60
S2= 91.41
S3= 90.74
R1= 94.46
R2= 95.13
R3= 96.32
USDCHF Outlook
The USDCHF continued it's bullish momentum yesterday. The pair topped at 1.1825 and closed at 1.1780. However the pair was traded lower early today in Asian session at 1.1735 at the time I wrote this comment. On 4h chart we can see that the pair made a false breakout of the ascending triangle formation and moved lower back inside the triangle. CCI just cross the 100 line down supporting potential downside pressure. The bias is neutral in nearest term. Immediate resistance at 1.1825 (yesterday's high). Initial support at 1.1715 followed by 1.1650.
http://i42.tinypic.com/j5cxsg.jpg
USDCHF Daily Supports and Resistances:
S1= 1.1678
S2= 1.1576
S3= 1.1503
R1= 1.1853
R2= 1.1926
R3= 1.2028
Have a great day!