Fri, 24th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD was corrected higher yesterday. The pair topped at 1.3006 and closed at 1.2966. However the pair was traded lower early today in Asian session. The bias is still on the downside testing November 2006 low at 1.2681 area. Immediate resistance is seen at 1.3006 (yesterday’s high). A break to the upside from that resistance might trigger further upside corrections testing 1.3231 area. Initial support at 1.2810 followed by 1.2727. CCI in neutral area on 4h chart and heading down suggesting potential downside pressures.
EURUSD Daily Supports and Resistances:
- S1= 1.2793
- S2= 1.2620
- S3= 1.2514
- R1= 1.3072
- R2= 1.3178
- R3= 1.3351
GBPUSD Outlook
The GBPUSD was softly corrected yesterday. The pair topped at 1.6346 and but closed lower at 1.6282. However the pair was traded lower early today in Asian market. My model remains short and still targeting 1.5933. Immediate resistance is seen at 1.6340. CCI in neutral area and heading down on 4h chart suggesting potential downside pressures.
GBPUSD Daily Supports and Resistances:
- S1= 1.6100
- S2= 1.5919
- S3= 1.5796
- R1= 1.6404
- R2= 1.6527
- R3= 1.6708
USDJPY Outlook
The USDJPY made indecisive movement yesterday. The pair attempted to push lower, bottomed at 95.93 but whipsawed to the upside and closed higher at 97.94. However early today in Asian session the pair was traded lower again around 96.60 at the time I wrote this comment. My model is short targeting 95.73. Immediate resistance is seen at 97.43 followed by 98.30.
USDJPY Daily Supports and Resistances:
- S1= 96.48
- S2= 95.02
- S3= 94.11
- R1= 98.85
- R2= 99.76
- R3= 101.22
USDCHF Outlook
The USDCHF was corrected lower yesterday. The pair bottomed at 1.1559 and closed at 1.1582. However the pair was traded higher early today in Asian session. My model remains long targeting 1.1855. Immediate support is seen at 1.1559 (yesterday’s low) followed by 1.1487. CCI about to cross 100 line up on 4h chart suggesting a potential bullish view.
USDCHF Daily Supports and Resistances:
- S1= 1.1528
- S2= 1.1474
- S3= 1.1390
- R1= 1.1666
- R2= 1.1750
- R3= 1.1804
Labels: Forex Analysis, FX Instructor
