Wed, 22th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD continued it’s bearish momentum yesterday. After broke the main support level at 1.3258, the pair bottomed at 1.3050 and closed at 1.3054. My model is short targeting 1.2875. CCI in oversold area both on hourly and 4h chart so watch out for upside correction testing 1.3090 and 1.3150 resistance levels.
EURUSD Daily Supports and Resistances:
- S1= 1.2951
- S2= 1.2849
- S3= 1.2648
- R1= 1.3254
- R2= 1.3455
- R3= 1.3557
GBPUSD Outlook
The Sterling slumped against Greenback yesterday. The pair bottomed at 1.6651 and closed at 1.6689. Early today in Asian session, the pair already broke the main support level at 1.6543 which is 61.8% Fibonacci retracement from 1.4072 to 2.1161 (See the chart) and bottomed (temporarily?) at 1.6509. A consistent move below 1.6543 should trigger further bearish view towards 1.6230 area. However we could have some upside corrections at this phase, but the bias is very bearish. CCI already in oversold area on daily chart. Immediate resistance is seen at 1.6770. Initial support at 1.6420.
GBPUSD Daily Supports and Resistances:
- S1= 1.6494
- S2= 1.6299
- S3= 1.5948
- R1= 1.7040
- R2= 1.7391
- R3= 1.7586
USDJPY Outlook
The USDJPY was traded lower yesterday. The bullish channel on hourly and 4h chart is violated to the downside. The pair bottomed at 100.04 and closed at 100.36. My model is mixed with downside bias. Immediate support is seen at 99.75 followed by 99.26. Initial resistance at 100.50. CCI in oversold area on 4h chart.
USDJPY Daily Supports and Resistances:
- S1= 99.55
- S2= 98.74
- S3= 97.44
- R1= 101.66
- R2= 102.96
- R3= 103.77
USDCHF Outlook
The bullish momentum of USDCHF was very limited yesterday. The pair topped at 1.1589 but closed lower at 1.1525. We can see on hourly chart that the pair is moving in a choppy market situation. However we had some upside pressures early today in Asian market. My model is mixed with upside bias. Immediate resistance is seen at 1.1589 (yesterday’s high). Initial support at 1.1485. CCI just cross 100 line up on daily chart suggesting a potential bullish view.
USDCHF Daily Supports and Resistances:
- S1= 1.1478
- S2= 1.1431
- S3= 1.1376
- R1= 1.1580
- R2= 1.1635
- R3= 1.1682
Labels: Forex Analysis, FX Instructor
