Thu, 23th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD continued it’s bearish momentum yesterday. The pair hit my short target at 1.2875, even further, bottomed at 1.2737 and closed at 1.2826. This is the lowest price of the Euro since November 2006 (See the chart) at 1.2681. Monthly CCI study show that CCI just cross -100 line down, suggesting a potential bearish continuation and could be a further bearish scenario towards 1.2139 which is 50 % Fibonacci retracement from 0.8225 to 1.6038. Immediate resistance is seen at 1.2875 followed by 1.2942.
EURUSD Daily Supports and Resistances:
- S1= 1.2683
- S2= 1.2540
- S3= 1.2343
- R1= 1.3023
- R2= 1.3220
- R3= 1.3363
GBPUSD Outlook
The GBPUSD also continued it’s bearish momentum yesterday. After broke the main support level at 1.6543 the pair bottomed at 1.6134 and closed at 1.6220. My model is short targeting 1.5933. CCI in oversold area and heading up suggesting a potential upside correction testing 1.6340 resistance level.
GBPUSD Daily Supports and Resistances:
- S1= 1.5997
- S2= 1.5774
- S3= 1.5415
- R1= 1.6579
- R2= 1.6938
- R3= 1.7161
USDJPY Outlook
The USDJPY continued it’s bearish momentum yesterday. The pair bottomed at 97.21 and closed at 97.97. The current bearish momentum should open the door towards 95.73 as the next bearish target. Immediate resistance is seen at 98.30. CCI in oversold area and heading up on 4h chart so watch out for minor upside corrections.
USDJPY Daily Supports and Resistances:
- S1= 96.60
- S2= 95.23
- S3= 93.25
- R1= 99.95
- R2= 101.93
- R3= 103.30
USDCHF Outlook
The USDCHF continued it’s bullish momentum yesterday. The pair topped at 1.1710 and closed at 1.1644. My model goes long targeting 1.1855. CCI just cross 100 line down on 4h chart suggesting a potential bearish correction testing 1.1580 and 1.1540 support levels.
USDCHF Daily Supports and Resistances:
- S1= 1.1529
- S2= 1.1414
- S3= 1.1324
- R1= 1.1734
- R2= 1.1824
- R3= 1.1939
Labels: FX Instructor
