Friday, October 10, 2008
Oct-10 Market Commentary and Technical Levels
| October 10 market commentary and technical levels Fri, 10th of October, 2008 By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook Yesterday the EURUSD attempted to push higher, topped at 1.3785 but further upside scenario was rejected as the pair closed lower at 1.3599. Early today in Asian session the pair continue traded softly lower around 1.3560 at the time I wrote this comment. The bullish channel on 4h chart is violated to the downside. This fact should open the door for a further downside scenario towards 1.3442 area. Initial support is seen at 1.3540. CCI in oversold area and about to cross -100 line up on hourly chart suggesting a potential upside pressure testing 1.3660 resistance level.  EURUSD Daily Supports and Resistances: S1= 1.3525 S2= 1.3451 S3= 1.3321 R1= 1.3729 R2= 1.3859 R3= 1.3933 GBPUSD Outlook The GBPUSD continued it’s bearish momentum yesterday. After attempted to push higher, topped at 1.7395 the pair whipsawed to the downside, hit the low at 1.7061 and closed at 1.7094. From a longer term view on weekly chart, we can see that the pair is now testing a main support at 1.7000 level which also a psychological level. A break to the downside could trigger further bearish scenario. CCI in oversold area both on hourly and 4h chart and heading up suggesting a potential upside correction testing 1.7093 and 1.7150 resistance levels  GBPUSD Daily Supports and Resistances: S1= 1.6971 S2= 1.6849 S3= 1.6637 R1= 1.7305 R2= 1.7517 R3= 1.7639 USDJPY Outlook The USDJPY attempted to make an upside correctional move yesterday. The pair topped at 101.48 but further upside momentum was rejected as the pair closed lower at 99.61. Early today in Asian session we had a volatile market as the pair hit 97.91 but whipsawed higher at 99.05 at the time I wrote this comment. My model is mixed with upside bias. Immediate resistance is seen at 101.48 (yesterday’s high). Initial support at 98.60. CCI about to cross -100 line up on both hourly and 4h chart suggesting a potential upside momentum. USDJPY Daily Supports and Resistances: S1= 98.66 S2= 97.71 S3= 96.30 R1= 101.02 R2= 102.43 R3= 103.38 USDCHF Outlook The USDCHF made indecisive movement by opened and close at the same price (1.1275), formed a Doji candlestick formation on daily chart. The pair seems to move in ranging area between 1.1227 and 1.1342. A break out from this ranging area would give us a clearer direction. CCI in neutral area both on hourly and 4h chart. USDCHF Daily Supports and Resistances: S1= 1.1221 S2= 1.1167 S3= 1.1107 R1= 1.1335 R2= 1.1395 R3= 1.1449 Labels: Forex Analysis |
posted by Matbank at 5:20 AM
