Thu, 30th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD continued it’s bullish momentum yesterday. The pair topped at 1.2991 and closed at 1.2951. Early today in Asian session the pair was traded higher around 1.3060 at the time I wrote this comment. This fact should open the door for a further upside correction scenario towards 1.3200 (23.6% Fibonacci retracement from 1.6038 to 1.2333). My model is mixed with upside bias. Immediate support is seen at 1.2920 followed by 1.2810. CCI just cross -100 line up on daily chart suggesting a potential bullish view.
EURUSD Daily Supports and Resistances:
- S1= 1.2720
- S2= 1.2489
- S3= 1.2354
- R1= 1.3086
- R2= 1.3221
- R3= 1.3452
GBPUSD Outlook
The Sterling also continued it’s recovery against Greenback yesterday. The pair topped at 1.6474 and closed at 1.6360. This fact should trigger further upside correction scenario towards 1.7113 (38.2% Fibonacci retracement from 2.0158 to 1.5262). My model is mixed with upside bias. Immediate resistance is seen at 1.6560 followed by 1.6775. CCI just cross -100 line up on daily chart suggesting a potential bullish view.
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
The USDJPY bullish momentum seemed to lose power yesterday. The pair bottomed at 96.07 but closed higher at 97.39. However, early today in Asian session there are some upside pressures as the pair was traded higher around 98.75 at the time I wrote this comment. My model is mixed with upside bias. Immediate support is seen at 97.10. Initial resistance at 99.68. CCI just cross 100 line up on 4h chart suggesting a potential upside pressures.
USDJPY Daily Supports and Resistances:
- S1= 96.15
- S2= 94.91
- S3= 93.75
- R1= 98.55
- R2= 99.71
- R3= 100.95
USDCHF Outlook
The Greenback slumped against Swiss Franc yesterday. The pair bottomed at 1.1251 and closed at 1.1304. This fact should trigger further downside correction towards 1.0090 area. My model is mixed with downside bias. Immediate resistance is seen at 1.1340. Initial support at 1.1205 followed by 1.1158. CCI heading down towards -100 line on daily chart suggesting some downside pressures.
USDCHF Daily Supports and Resistances:
- S1= 1.1175
- S2= 1.1047
- S3= 1.0843
- R1= 1.1507
- R2= 1.1711
- R3= 1.1839
Labels: FX Instructor
