Tue, 11th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to push higher yesterday. the pair topped at 1.2926, but further upside scenario was rejected as the pair whipsawed to the downside, hit the bottom at 1.2718 and closed at 1.2750.
This fact should keep the bearish scenario intact. My model goes mixed with downside bias. Early today in Asian session the pair continued to push lower, traded around 1.2700 at the time I wrote this comment. The pair also seemed to make a breakout to the downside of triangle formation on 4h chart, which should support the bearish view. Immediate support is seen at 1.2666. A break to the downside from that support level should trigger further bearish momentum towards 1.2500 area. Initial resistance at 1.2790 followed by 1.2850. CCI just cross -100 line down on hourly chart and about to cross -100 line on 4h chart suggesting a potential downside pressures.
EURUSD Daily Supports and Resistances:
* S1= 1.2670
* S2= 1.2590
* S3= 1.2462
* R1= 1.2878
* R2= 1.3006
* R3= 1.3086
GBPUSD Outlook
The GBPUSD continued it’s bearish scenario yesterday. The pair bottomed at 1.5573 and closed at 1.5625. The bias should stay bearish. Immediate resistance is seen at 1.5670. Initial support at 1.5550. A break to the downside from that support should trigger further bearish momentum towards 1.5400 area. CCI just cross -100 line down on 4h chart suggesting a potential downside pressures.
GBPUSD Daily Supports and Resistances:
* S1= 1.5504
* S2= 1.5383
* S3= 1.5194
* R1= 1.5814
* R2= 1.6003
* R3= 1.6124
USDJPY Outlook
The USDJPY failed to continued it’s bullish momentum yesterday. The pair attempted to push higher, topped at 99.48 but further upside movement was rejected as the pair whipsawed to the downside bottomed at 97.60 and closed at 98.00. This fact forrce my model to mixed with neutral bias. Immediate support is seen at 97.30 followed by 96.60. Initial resistance at 98.70. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
* S1= 97.24
* S2= 96.48
* S3= 95.36
* R1= 99.12
* R2= 100.24
* R3= 101.00
USDCHF Outlook
After made indecisive movement on Friday, the USDCHF was traded higher yesterday. The pair topped at 1.1801 and closed at 1.1783. Early today in Asian session thye pair continued to push higher, traded around 1.1820 at the time I wrote this comment. My model is mixed with upside bias. Immediate support is seen at 1.1770 followed by 1.1710. Initial resistance at 1.1900. However CCI already in overbought area in all 3 time frames (hourly, 4h, daily) so watch out for a minor downside corrections.
USDCHF Daily Supports and Resistances:
* S1= 1.1729
* S2= 1.1675
* S3= 1.1639
* R1= 1.1819
* R2= 1.1855
* R3= 1.1909
Labels: FX Instructor
