Fri, 31th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push higher yesterday. After broke the 1.3200 resistance (23.6 Fibo from 1.6038 to 1.2333), the pair topped at 1.3289, but further bullish correction was rejected as the pair quickly fell, hit the bottom at 1.2804 and closed at 1.2875. Although I think we might see another bullish attempt, this upside rejection should keep the bearish scenario intact. My model is mixed with downside bias. Immediate resistance is seen at 1.3006. Initial support at 1.2735 followed by 1.2590.
EURUSD Daily Supports and Resistances:
- S1= 1.2686
- S2= 1.2498
- S3= 1.2192
- R1= 1.3180
- R2= 1.3486
- R3= 1.3674
GBPUSD Outlook
The GBPUSD failed to maintain bullish momentum yesterday. The pair attempted to push higher, topped at 1.6670 but closed lower at 1.6371. This upside failure should keep the major bearish scenario intact, but in this volatile market we might see another bullish attempt as CCI also in oversold area on weekly and monthly chart. My model is mixed with downside bias. Immediate resistance is seen at 1.6408. Initial support at 1.6215 followed by 1.6035.
GBPUSD Daily Supports and Resistances:
- S1= 1.6164
- S2= 1.5957
- S3= 1.5704
- R1= 1.6624
- R2= 1.6624
- R3= 1.7084
USDJPY Outlook
The USDJPY continued it’s bullish correction yesterday. The pair topped at 99.14 and closed at 98.63. However the pair was traded lower early today in Asian session around 98.30 at the time I wrote this comment. My model is mixed with neutral bias in nearest term, but with upside bias in longer term. Immediate support is seen at 97.60 followed by 96.80. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
- S1= 97.58
- S2= 96.54
- S3= 95.76
- R1= 99.40
- R2= 100.18
- R3= 101.22
USDCHF Outlook
The USDCHF failed to maintain the bearish momentum yesterday. The pair topped at 1.1478 and closed at 1.1425. This fact should keep the major bullish scenario intact. Only a consistent move below 1.1250 could trigger further bearish corrections. Immediate support is seen at 1.1375 followed by 1.1325. Initial resistance at 1.1478 (yesterday’s high) followed by 1.1550. CCI in neutral area on daily chart.
USDCHF Daily Supports and Resistances:
- S1= 1.1258
- S2= 1.1092
- S3= 1.0982
- R1= 1.1534
- R2= 1.1644
- R3= 1.1810
Labels: Forex Analysis, FX Instructor
