by: FX Instructor
Mon, 20th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD was traded softly weaker on Friday. The pair bottomed at 1.3386 and closed at 1.3410. We still have our valid bearish channel both on hourly and 4h chart. As long as this channel remains valid my model is mixed with downside bias. Immediate resistance is seen at 1.3476. A break to the upside from that resistance level could be considered as violation to the bearish channel. Initial support at 1.3380 followed by 1.3340. CCI in neutral area on daily chart.
EURUSD Daily Supports and Resistances:
- S1= 1.3358
- S2= 1.3306
- S3= 1.3226
- R1= 1.3490
- R2= 1.3570
- R3= 1.3622
GBPUSD Outlook
The GBPUSD didn’t make a significant movement on Friday. The pair made a false break out from the ranging area (1.7350 and 1.7150), topped at 1.7381 but failed to maintain the bullish momentum then hit the bottom at 1.7222 and closed at 1.7280. My model is mixed with neutral bias. CCI in neutral area in all 3 time frames (hourly, 4h, daily).
GBPUSD Daily Supports and Resistances:
- S1= 1.7207
- S2= 1.7135
- S3= 1.7048
- R1= 1.7366
- R2= 1.7453
- R3= 1.7525
USDJPY Outlook
The USDJPY made indecisive movement on Friday by opened and closed at almost the same price (101.69 and 101.67) and formed a Doji candle stick formation on daily chart. We still have a valid bullish channel on hourly chart. My model remains mixed with upside bias. Immediate support is seen at 101.30. Initial resistance at 102.40. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
- S1= 100.90
- S2= 100.13
- S3= 99.67
- R1= 102.13
- R2= 102.59
- R3= 103.36
USDCHF Outlook
The USDCHF also didn’t make a significant movement on Friday. On hour chart we can see that the pair is still trapped in choppy market between 1.1404 and 1.1296 area. My model remains mixed with neutral bias. A break out from this choppy market could give us a clearer direction. CCI in neutral area in all 3 time frames (hourly, 4h, daily).
USDCHF Daily Supports and Resistances:
- S1= 1.1309
- S2= 1.1249
- S3= 1.1207
- R1= 1.1411
- R2= 1.1453
- R3= 1.1513
Labels: Forex Analysis, FX Instructor
