Tuesday, October 7, 2008
Oct-07 Market Commentary and Technical Levels
| October 07 market commentary and technical levels Tue, 07th of October, 2008 By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook Yesterday the EURUSD continued it’s bearish momentum. The pair hit my short target at 1.3530, even further, bottomed at 1.3442 and closed at 1.3486. From a long term point of view at weekly chart, the pair is now testing major long term support at 1.3338 as the new bearish target. My model remains short. CCI in oversold area on 4h chart and heading up suggesting a potential upside correction testing 1.3560 and 1.3644 resistance levels. EURUSD Daily Supports and Resistances: S1= 1.3392 S2= 1.3299 S3= 1.3156 R1= 1.3886 R2= 1.4000 R3= 1.4093 GBPUSD Outlook After a minor recovery on Friday, yesterday the GBPUSD continued it’s bearish scenario. The pair hit my short targets at 1.7551 and 1.7451, even further bottomed at 1.7335. My model remains short targeting 1.7215. CCI just cross -100 line down both on daily and weekly chart suggesting a potential bearish view. Immediate resistance is seen at 1.7494. GBPUSD Daily Supports and Resistances: S1= 1.7280 S2= 1.7128 S3= 1.6921 R1= 1.7639 R2= 1.7846 R3= 1.7998 USDJPY Outlook The Greenback suffered huge losses against Japanese Yen yesterday. The pair moved almost 500 pips, bottomed at 100.22 and closed at 101.52. Early today in Asian market the pair was corrected higher around 101.90 at the time I wrote this comment. My model is mixed with downside bias. Immediate resistance is seen at 102.20 followed by 102.80. Initial support at 101.26. CCI in extreme oversold area both on daily and weekly chart suggesting a potential upside correctional move. USDJPY Daily Supports and Resistances: S1= 99.44 S2= 97.35 S3= 94.48 R1= 104.38 R2= 107.25 R3= 109.33 USDCHF Outlook The USDCHF continued it’s bullish momentum yesterday. The pair topped at 1.1485 and closed at 1.1480. My model is long targeting 1.1580. CCI just cross 100 line up on both daily and weekly chart suggesting a potential bullish view. Immediate support is seen at 1.1412. followed by 1.1360. USDCHF Daily Supports and Resistances: S1= 1.1340 S2= 1.1200 S3= 1.1128 R1= 1.1552 R2= 1.1624 R3= 1.1764 Have a great day! Labels: forex, Forex Analysis, FX Instructor |
posted by Matbank at 9:54 AM
