Tue, 28th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
Yesterday EURUSD hit my short target at 1.2380, even further bottomed at 1.2333, but closed higher at 1.2461. The bias remains bearish. My model is short targeting 1.2280 then 1.2138. Immediate resistance is seen at 1.2495. CCI just cross -100 line down on hourly chart suggesting a potential bearish view.
EURUSD Daily Supports and Resistances:
- S1= 1.2301
- S2= 1.2141
- S3= 1.1949
- R1= 1.2653
- R2= 1.2845
- R3= 1.3005
GBPUSD Outlook
Yesterday the GBPUSD continued it’s bearish scenario. The pair bottomed at 1.5275, closed higher at 1.5534. Early today in Asian session the pair continued it’s bearish momentum, traded around 1.5415 at the time I wrote this comment. My model remains short targeting 1.5262. CCI about to cross -100 line down on 4h chart suggesting a potential downside pressures.
GBPUSD Daily Supports and Resistances:
- S1= 1.5247
- S2= 1.4960
- S3= 1.4645
- R1= 1.5849
- R2= 1.6164
- R3= 1.6451
USDJPY Outlook
The USDJPY made indecisive movement yesterday. The pair opened and closed at almost the same prive (93.22 and 93.23), formed a Doji formation on daily chart. My model remains short and still targeting 90.89. Immediate resistance is seen at 94.15. CCI in neutral area on 4h chart.
USDJPY Daily Supports and Resistances:
- S1= 92.02
- S2= 90.81
- S3= 89.58
- R1= 94.46
- R2= 95.69
- R3= 96.90
USDCHF Outlook
The USDCHF was corrected lower yesterday. The pair bottomed at 1.1515 and closed at 1.1566. However we are still in bullish scenario. There might be some downside corrections as daily CCI is about to cross 100 line down, but the pair is still in bullish scenario and any downside movement should be seen as consolidation. My model remains long targeting 1.1855. Immediate support is seen at 1.1559 followed by 1.1515 (yesterday’s low).
USDCHF Daily Supports and Resistances:
- S1= 1.1483
- S2= 1.1401
- S3= 1.1287
- R1= 1.1679
- R2= 1.1793
- R3= 1.1875
Labels: FX Instructor
