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Thread: February 23 market commentary and technical levels

  1. #1
    Denis Peganov, FXOpen Development Director cool user FXOpen Manager's Avatar
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    Default February 23 market commentary and technical levels

    Mon, 23th of February, 2009
    By Setyo Wibowo
    EURUSD Outlook
    The EURUSD continued it's bullish momentum on Friday. The pair topped at 1.2884 and closed at 1.2836. On 4h chart we have a falling wedge formation which is a bullish reversal pattern. The bias is bullish in nearest term testing 1.3030 resistance area but remains neutral in medium term. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure testing support at 1.2700 - 1.2750 area.

    EURUSD Daily Supports and Resistances:
    • S1= 1.2634
    • S2= 1.2432
    • S3= 1.2307
    • R1= 1.2961
    • R2= 1.3086
    • R3= 1.3288
    GBPUSD Outlook
    The Greenback also traded lower against Sterling on Friday. The pair topped at 1.4480 and closed at 1.4425. Fibonacci retracement study on 4h chart below show us that last week the pair still trapped in ranging area between 23.6 % and 61.8% (1.4637 and 1.4073) area which is likely to stay that way if we do not have significant market catalyst this week ahead. The bias is bullish in nearest term testing 1.4550 resistance area but remains neutral in medium term. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure testing 1.4310 - 1.4350 support area.

    GBPUSD Daily Supports and Resistances:
    • S1= 1.4224
    • S2= 1.4024
    • S3= 1.3896
    • R1= 1.4552
    • R2= 1.4680
    • R3= 1.4880
    USDJPY Outlook
    The USDJPY failed to continued it's bullish momentum on Friday. Limited by double top formation the upside pressure was stopped and the pair was corrected lower, bottomed at 92.52 and closed at 93.02. The bias is bearish in nearest term testing 92.74 and 91.67 support area but remains neutral in medium term. Immediate resistance at 93.70. CCI in overbought area and heading down on daily chart suggesting a potential downside pressure.

    USDJPY Daily Supports and Resistances:
    • S1= 92.23
    • S2= 91.44
    • S3= 90.37
    • R1= 94.09
    • R2= 95.16
    • R3= 95.95
    USDCHF Outlook
    The Greenback slumped against Swiss Franc on Friday. The pair bottomed at 1.1461 and closed at 1.1525. On hourly chart below we can see that after violate the bullish channel to the downside the pair had a significant bearish momentum. The bias is bearish in nearest term testing 1.1400 support area but remains neutral in medium term. CCI just cross the -100 line up on hourly chart suggesting a potential upside pressure testing 1.1650 resistance level.

    USDCHF Daily Supports and Resistances:
    • S1= 1.1363
    • S2= 1.1201
    • S3= 1.0942
    • R1= 1.1784
    • R2= 1.2043
    • R3= 1.2205
    Have a great day!


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