May 12 Market Commentary and Technical Levels

Tue, 12th of May, 2009
By Setyo Wibowo

EURUSD Outlook
The EURUSD was corrected lower yesterday. On hourly chart below we have a “flag” formation which technically is considered as continuation pattern. A breakout to the upside of the “flag” could trigger further bullish scenario towards 1.3736 area. However the bias is neutral in nearest term. Immediate support is seen at 1.3560 followed by 1.3500. Initial resistance at 1.3666 area (yesterday’s high). CCI in neutral area on h4 chart.

eurusdhourly

EURUSD Daily Supports and Resistances:

* S1= 1.3536
* S2= 1.3492
* S3= 1.3427
* R1= 1.3645
* R2= 1.3710
* R3= 1.3754

GBPUSD Outlook
The GBPUSD also corrected lower yesterday. On hourly chart below we can see that the pair is now testing the trendline support area. The bias is neutral in nearest term. Immediate support is seen at 1.5050 area. Break below that could trigger further bearish momentum towards 1.4940. Initial resistance at 1.5242 followed by 1.5371. CCI about to cross the 100 line down on daily chart suggesting a potential downside pressure but neutral in hourly and h4 chart.

gbpusdhourly5

GBPUSD Daily Supports and Resistances:

* S1= 1.5040
* S2= 1.4966
* S3= 1.4865
* R1= 1.5215
* R2= 1.5316
* R3= 1.5390

USDJPY Outlook
The USDJPY had another bearish momentum yesterday. On hourly chart below we can see that after break below 97.90 support area, the pair bottomed at 97.25 and closed at 97.46. The bias is bearish in nearest term testing 96.80 support area. However CCI in oversold area and heading up on h4 chart so watch out for a potential upside rebound testing 97.90 resistance (former support) area. Break above that area could lead us into no trading zone.

usdjpyhourly4

USDJPY Daily Supports and Resistances:

* S1= 96.87
* S2= 96.28
* S3= 95.31
* R1= 98.43
* R2= 99.40
* R3= 99.99

USDCHF Outlook
The USDCHF was corrected higher yesterday. The pair topped at 1.1104 and closed at 1.1092. In nearest term, as long as the pair stay below 1.1160 resistance area, any upside correction is normal considering significant bearish momentum since April 20. Immediate support is seen at 1.1020 (yesterday’s low). Break below that level could trigger further bearish momentum towards 1.0950 area. CCI in oversold area and heading up on daily chart suggesting a potential downside pressure.

usdchf4hchart3

USDCHF Daily Supports and Resistances:

* S1= 1.1040
* S2= 1.0988
* S3= 1.0956
* R1= 1.1124
* R2= 1.1156
* R3= 1.1208

Have a great day!
History
05/10/2009 May 11 Market Commentary and Technical Levels
05/08/2009 EURUSD Weekly Summary
05/07/2009 May 08 Market Commentary and Technical Levels
05/06/2009 May 07 Market Commentary and Technical Levels
05/05/2009 May 06 Market Commentary and Technical Levels
05/04/2009 May 05 Market Commentary and Technical Levels
05/03/2009 May 04 Market Commentary and Technical Levels
05/01/2009 GBPUSD Weekly Summary
04/30/2009 May 01 Market Commentary and Technical Levels
04/29/2009 April 30 Market Commentary and Technical Levels
04/28/2009 April 29 Market Commentary and Technical Levels
04/27/2009 April 28 Market Commentary and Technical Levels
04/27/2009 EURCHF confirming a near-term short setup?
04/26/2009 April 27 Market Commentary and Technical Levels
04/24/2009 EURUSD Weekly Summary
04/23/2009 April 24 Market Commentary and Technical Levels
04/22/2009 April 23 Market Commentary and Technical Levels
04/21/2009 April 22 Market Commentary and Technical Levels
04/20/2009 April 21 Market Commentary and Technical Levels
04/19/2009 April 20 Market Commentary and Technical Levels
04/17/2009 EURUSD Weekly Summary
04/16/2009 April 17 Market Commentary and Technical Levels
04/15/2009 April 16 Market Commentary and Technical Levels
04/14/2009 April 15 Market Commentary and Technical Levels
04/13/2009 April 14 Market Commentary and Technical Levels
04/12/2009 Weekly Focus
04/10/2009 USDJPY Weekly Summary
04/08/2009 April 09 Market Commentary and Technical Levels
04/07/2009 April 08 Market Commentary and Technical Levels
04/06/2009 April 07 Market Commentary and Technical Levels


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