Fri, 17th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD made no significant movement yesterday and seemed to move in ranging market situation. We still have valid bearish channel on both hourly and 4h chart, but there are some upside pressure early today in Asian session. We seem to have an important resistance level at 1.3540 (See my hourly chart below). A break to the upside from that resistance could continue with violation to the bearish channel and might trigger further upside momentum towards 1.3688 area. Immediate support is seen at 1.3424 followed by 1.3350. CCI just cross -100 line up on 4h chart suggesting a potential upside momentum.
EURUSD Daily Supports and Resistances:
- S1= 1.3370
- S2= 1.3261
- S3= 1.3177
- R1= 1.3563
- R2= 1.3647
- R3= 1.3756
GBPUSD Outlook
The GBPUSD also had a ranging market situation yesterday, between 1.7350 and 1.7150 area, but the pressure is more to the upside. A break out to the upside from the ranging area could also be seen as a break out of a symmetrical triangle, which technically could provide a bullish view towards 1.7450 and 1.7625. Immediate support is seen at 1.7255 followed by 1.7150.
GBPUSD Daily Supports and Resistances:
- S1= 1.7186
- S2= 1.7056
- S3= 1.6973
- R1= 1.7399
- R2= 1.7482
- R3= 1.7612
USDJPY Outlook
Yesterday the Greenback recovered against Japanese Yen. The USDJPY broke the bearish channel to the upside. The pair topped at 101.72 and closed at 101.68. My model is mixed with upside bias. Immediate support is seen at 100.90 followed by 100.50. Initial resistance at 102.50. CCI in neutral area both on 4h and daily chart.
USDJPY Daily Supports and Resistances:
- S1= 100.05
- S2= 98.42
- S3= 97.59
- R1= 102.51
- R2= 103.34
- R3= 104.97
USDCHF Outlook
Yesterday the USDCHF attempted to push higher, topped at 1.1488, but the bullish momentum seemed very limited as the pair closed lower at 1.1350. My model is mixed with neutral bias. Immediate support is seen at 1.1296. Initial resistance at 1.1404. CCI in neutral area in all 3 time frames (hourly, 4h, daily).
USDCHF Daily Supports and Resistances:
- S1= 1.1259
- S2= 1.1168
- S3= 1.1054
- R1= 1.1464
- R2= 1.1578
- R3= 1.1669
Labels: Forex Analysis, FX Instructor
