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Thread: March 10 market commentary and technical levels

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    Default March 10 market commentary and technical levels

    Tue, 10th of March, 2009
    By Setyo Wibowo
    EURUSD Outlook
    The EURUSD had a moderate bearish momentum yesterday. However we had not seen any significant movement since last week as the price failed to stay below 1.2500 key support level and seem to move in ranging area between 1.2750 - 1.2450. The bias is neutral in nearest term but the bearish scenario in longer term is still intact. Any movement below 1.2500 could trigger further bearish momentum towards 1.2300 area. Immediate resistance is seen at 1.2660 followed by 1.2750. CCI in neutral area on 4h chart.

    EURUSD Daily Supports and Resistances:
    • S1= 1.2529
    • S2= 1.2457
    • S3= 1.2359
    • R1= 1.2699
    • R2= 1.2797
    • R3= 1.2869
    GBPUSD Outlook
    As I had expected, the Sterling slumped against Greenback yesterday. The pair fell below psychological level 1.4000, bottomed at 1.3746 and closed at 1.3773. The bias is bearish in nearest term targeting 1.3500 area. However CCI already in oversold area and heading up on 4h chart so watch out for a potential upside correction testing 1.3900 area.

    GBPUSD Daily Supports and Resistances:
    • S1= 1.3619
    • S2= 1.3466
    • S3= 1.3186
    • R1= 1.4052
    • R2= 1.4332
    • R3= 1.4485
    USDJPY Outlook
    The USDJPY had a moderate bullish momentum yesterday. The pair topped at 99.17 but closed lower at 98.77. On hourly chart we can see that after hit the 99.66 area, the pair corrected to the downside at 38.2% Fibo retracement before continue it's bullish momentum. The bias is bullish in nearest term targeting 100.50 area. However pay attention to resistance level at 99.66 (potential double top). CCI in neutral area on 4h chart.

    USDJPY Daily Supports and Resistances:
    • S1= 98.05
    • S2= 97.33
    • S3= 96.77
    • R1= 99.33
    • R2= 99.89
    • R3= 100.61
    USDCHF Outlook
    The USDCHF didn't make significant movement yesterday. After had a bearish momentum on Friday, the pair corrected to the upside made a new bullish channel on hourly chart. The bias is neutral in nearest and medium term. Immediate support is seen at 1.1560. Initial resistance at 1.1750. CCI in neutral area on 4h chart.

    USDCHF Daily Supports and Resistances:
    • S1= 1.1525
    • S2= 1.1456
    • S3= 1.1379
    • R1= 1.1671
    • R2= 1.1748
    • R3= 1.1817
    Have a great day!


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    Setyo Wibowo analysis always matches mine and gives me great confidence while placing my signals, keep up the good work .

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