Wed, 29th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD made a significant upside correction yesterday (It’s about time huh? 
). The pair topped at 1.2835 and closed at 1.2816. Early today in Asian session the pair was traded softly lower. CCI about to cross -100 line up on daily chart suggesting a potential further upside movement. However, although further upside momentum might continue today, I think we should see any upside movement as a consolidation/correction and long trade positions are not recommended at this phase. Be patient. The major trend is still bearish. Immediate resistance is seen at 1.3006 followed by 1.3200 (23.6% Fibonacci retracement from 1.6038 to 1.2333). Initial support at 1.2690 followed by 1.2590.
EURUSD Daily Supports and Resistances:
- S1= 1.2485
- S2= 1.2154
- S3= 1.1979
- R1= 1.2991
- R2= 1.3166
- R3= 1.3497
GBPUSD Outlook
The GBPUSD also made a significant upside correction yesterday. The pair topped at 1.6037 and closed at 1.6021. We need this upside correction as CCI already In extreme oversold area on monthly chart. We also should see this current upside momentum as consolidation/correction move. CCI about to cross -100 line up on daily chart, suggesting a potential upside momentum. However, long trade positions are not recommended at this phase. Be patient. Immediate resistance is seen at 1.6141 followed by 1.6408.
GBPUSD Daily Supports and Resistances:
- S1= 1.5601
- S2= 1.5182
- S3= 1.4964
- R1= 1.6238
- R2= 1.6456
- R3= 1.6875
USDJPY Outlook
After an indecisive movement on Monday, the USDJPY was corrected higher yesterday. The pair made a huge movement of more than 700 pips, topped at 99.68 and closed at 98.15. However the pair was traded lower early today in Asian session around 97.30 at the time I wrote this comment. My model is mixed but still with downside bias as I see this bullish movement only as a correction of the major bearish trend. Be patient at this phase. Immediate resistance is seen at 99.68 (yesterday’s high). Initial support at 96.80 followed by 95.80. CCI in overbought area and heading down on 4h chart suggesting downside pressures.
USDJPY Daily Supports and Resistances:
- S1= 93.96
- S2= 89.78
- S3= 86.92
- R1= 101.00
- R2= 103.86
- R3= 108.04
USDCHF Outlook
The USDCHF continued it’s soft lower correction yesterday. The pair bottomed at 1.1508 and closed at 1.1526. My model is mixed with neutral bias, but we are still in bullish outlook in longer term. Immediate support is seen at 1.1480 followed by 1.1375. Initial resistance at 1.1655. CCI just cross 100 line down on daily chart suggesting downside pressures.
USDCHF Daily Supports and Resistances:
- S1= 1.1471
- S2= 1.1416
- S3= 1.1324
- R1= 1.1618
- R2= 1.1710
- R3= 1.1765
Labels: FX Instructor
