Mon, 03th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD continued it’s bearish momentum on Friday. The pair bottomed at 1.2666 and closed at 1.2722. Early today in Asian session there are some upside pressures as the pair was traded higher around 1.2850 at the time I wrote this comment. My model is mixed with neutral bias in nearest term but still with downside bias in longer term. Immediate resistance is seen at 1.2904 followed by 1.2990. Initial support is seen at 1.2666 (Friday’s low). A break to the downside from that level should trigger further bearish momentum testing 1.2333 area again. CCI in neutral area on 4h chart.
EURUSD Daily Supports and Resistances:
- S1= 1.2627
- S2= 1.2532
- S3= 1.2399
- R1= 1.2855
- R2= 1.2988
- R3= 1.3083
GBPUSD Outlook
The GBPUSD continued it’s bearish momentum on Friday. The pair bottomed at 1.6003 and closed at 1.6075. However the pair was corrected higher early today in Asian market, traded around 1.6240 at the time I wrote this comment. My model is mixed with neutral bias in nearest term but still with downside bias in longer term. Immediate resistance is seen at 1.6330 followed by 1.6408. Initial support at 1.6003 (Friday’s low). CCI in neutral area on daily chart.
GBPUSD Daily Supports and Resistances:
- S1= 1.5880
- S2= 1.5685
- S3= 1.5368
- R1= 1.6392
- R2= 1.6709
- R3= 1.6904
USDJPY Outlook
The USDJPY didn’t make a significant movement on Friday. The pair attempted to push lower, bottomed at 96.34 but further bearish momentum was rejected as the pair closed higher at 98.46. Early today in Asian session the bullish momentum continued. The pair was traded around 99.45 at the time I wrote this comment. My model is mixed with upside bias. Immediate support is seen at 98.80 followed by 98.05. Initial resistance at 99.68 followed by 100.60. CCI just cross 100 line up on 4h chart suggesting a potential bullish momentum.
USDJPY Daily Supports and Resistances:
- S1= 96.83
- S2= 95.20
- S3= 94.06
- R1= 99.60
- R2= 100.74
- R3= 102.37
USDCHF Outlook
The USDCHF continued it’s bullish momentum on Friday. The pair topped at 1.1684 but closed lower at 1.1582. Early today in Asian session the pair was corrected lower, traded around 1.1510 at the time I wrote this comment. My model is mixed with neutral bias in nearest term but still with upside bias in longer term. Immediate support is seen at 1.1480 followed by 1.1410. CCI just cross 100 line down on 4h chart suggesting a potential downside pressures.
USDCHF Daily Supports and Resistances:
- S1= 1.1395
- S2= 1.1208
- S3= 1.1064
- R1= 1.1726
- R2= 1.1870
- R3= 1.2057
Labels: Forex Analysis, FX Instructor
