Thu, 09th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The bullish correction of the EURUSD seemed to lose it’s strength yesterday. The pair attempted to push higher, topped at 1.3756 but closed lower at 1.3631. The pair is now traded around the support line of minor bullish channel on 4h chart, around 1.3590 at the time I wrote this comment. Should this downside pressure continue and the bullish channel violated to the downside the pair is more vulnerable to a further bearish movement towards 1.3442 area. Immediate resistance is seen at 1.3660 followed by 1.3772. CCI in neutral area and heading down.
EURUSD Daily Supports and Resistances:
S1= 1.3531
S2= 1.3431
S3= 1.3319
R1= 1.3743
R2= 1.3855
R3= 1.3955
GBPUSD Outlook
Yesterday the Sterling slumped against Greenback. The pair bottomed at 1.7259 and closed at 1.7276. As long as the pair move below 1.7450 the bias is still to the downside. My model is short targeting 1.7120 then 1.7050. CCI in extreme oversold area on 4h chart suggesting a potential upside correction testing 1.7280 and 1.7331 resistance level.
GBPUSD Daily Supports and Resistances:
S1= 1.7138
S2= 1.7000
S3= 1.6741
R1= 1.7535
R2= 1.7794
R3= 1.7932
USDJPY Outlook
The USDJPY continued it’s bearish momentum yesterday. The pair bottomed at 98.58 and closed at 99.16. However the pair was corrected higher early today in Asian session, traded around 100.15 at the time I wrote this comment. My model remains mixed with downside bias. Initial support at 99.50 followed by 98.58 (yesterday’s low). CCI just cross -100 line up on 4h chart suggesting a potential upside correction testing 100.50 and 101.10 resistance levels.
USDJPY Daily Supports and Resistances:
S1= 97.93
S2= 96.70
S3= 94.82
R1= 101.04
R2= 102.92
R3= 104.15
USDCHF Outlook
The USDCHF continued it’s bearish correction yesterday. The pair bottomed at 1.1207 and closed at 1.1276. The bullish channel on 4h chart is violated to the downside, make the pair is more vulnerable to further bearish momentum. My model is mixed with downside bias. Initial support at 1.1200 followed by 1.1150. CCI about to cross -100 line up on 4h chart suggesting a potential upside correction testing 1.1344 and 1.1412 resistance levels.
USDCHF Daily Supports and Resistances:
S1= 1.1174
S2= 1.1073
S3= 1.0939
R1= 1.1409
R2= 1.1543
R3= 1.1644
Have a great day!
Labels: Forex Analysis, FX Instructor
