Tue, 21th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push higher yesterday, topped at 1.3530, but failed to maintain the bullish momentum, whipsawed to the downside, bottomed at 1.3287 and closed at 1.3330. My model remains mixed with downside bias. From a longer point of view, the pair is now should testing again the main support at 1.3258 (10/10 2008 low). A break to the downside from that support level could trigger further bearish scenario towards 1.3108 area. CCI in oversold area and heading up towards -100 line suggesting a potential upside correction testing 1.3380 then 1.3435 resistance levels.
EURUSD Daily Supports and Resistances:
- S1= 1.3234
- S2= 1.3139
- S3= 1.2991
- R1= 1.3477
- R2= 1.3625
- R3= 1.3720
GBPUSD Outlook
The GBPUSD failed to maintain it’s bullish momentum yesterday. After break out to the upside from ranging area (1.7350 and 1.7150), the pair topped at 1.7516, the pair quickly fell to the downside, bottomed at 1.7103 and closed at 1.7151. The bullish channel on 4h chart is violated to the downside. My model is mixed with downside bias. Immediate support is seen at 1.7090 followed by 1.6960. CCI in oversold area and heading up suggesting a potential upside correction testing 1.7265 resistance level.
GBPUSD Daily Supports and Resistances:
- S1= 1.6997
- S2= 1.6843
- S3= 1.6584
- R1= 1.7410
- R2= 1.7669
- R3= 1.7823
USDJPY Outlook
The USDJPY was traded softly higher yesterday. The pair topped at 102.41 and closed at 102.10. We still have a bullish channel on hourly and 4h chart. As long as these channel is not violated to the downside, the bias is up. It looks like there are some downside pressures early today in Asian market, testing the trend line (channel) support around 101.60. A violation to the bullish channel should change my model to neutral or even downside bias. Initial resistance at 102.40 followed by 102.80. CCI in neutral area and heading down both on hourly and 4h chart suggesting a potential downside pressures.
USDJPY Daily Supports and Resistances:
- S1= 101.49
- S2= 100.88
- S3= 100.42
- R1= 102.56
- R2= 103.02
- R3= 103.63
USDCHF Outlook
The Swiss Franc slumped against Greenback yesterday. The pair topped at 1.1522 and closed at 1.1505. My model goes long targeting 1.1620. Immediate support is seen at 1.1440 followed by 1.1404. CCI about to cross 100 line up on daily chart suggesting a potential bullish view.
USDCHF Daily Supports and Resistances:
- S1= 1.1377
- S2= 1.1249
- S3= 1.1177
- R1= 1.1577
- R2= 1.1649
- R3= 1.1777
Labels: Forex Analysis, FX Instructor
