Wed, 12th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
After breakout to the downside from the triangle formation, the EURUSD continued it’s bearish scenario yesterday. The pair bottomed at 1.2505 and closed at 1.2511. Early today in Asian market the pair was corrected higher, traded around 1.2580 at the time I wrote this comment.The main bias should stay bearish targeting 1.2400 then 1.2333 area. CCI just cross -100 line down on daily chart suggesting a potential bearish view. However, CCI in oversold area and heading up both on hourly and 4h chart so watch out for an upside corrections testing 1.2650 resistance level.
EURUSD Daily Supports and Resistances:
* S1= 1.2410
* S2= 1.2310
* S3= 1.2115
* R1= 1.2705
* R2= 1.2900
* R3= 1.3000
GBPUSD Outlook
The GBPUSD also continued it’s bearish momentum yesterday. The pair bottomed at 1.5360 and closed at 1.5378. This fact should keep the bearish scenario intact, testing 1.5262 again. CCI just cross -100 line down on daily chart suggesting a potential bearish view. However CCI already in oversold area and heading up on 4h chart so we might have some upside corrections testing 1.5486 and 1.5602 resistance levels.
GBPUSD Daily Supports and Resistances:
* S1= 1.5258
* S2= 1.5138
* S3= 1.4916
* R1= 1.5600
* R2= 1.5822
* R3= 1.5942
USDJPY Outlook
The USDJPY was traded softly lower yesterday. The pair bottomed at 97.30 and closed at 97.60. Early today in Asian market the pair attempted to push lower but further downside momentum was rejected and the bearish power seemed limited . My model is mixed with upside bias in nearest term but neutral in longer term. Immediate support is seen at 97.15. Initial resistance at 98.30. CCI just cross -100 line up on hourly chart suggesting a potential upside pressures.
USDJPY Daily Supports and Resistances:
* S1= 97.17
* S2= 96.74
* S3= 96.18
* R1= 98.16
* R2= 98.72
* R3= 99.15
USDCHF Outlook
The USDCHF continued it’s bullish scenario yesterday. The pair topped at 1.1876 and closed at 1.1874. Early today in Asian session the pair was corrected higher, traded around 1.1835 at the time I wrote this comment. My model remains mixed with upside bias. However CCI already in overbought area and heading down on 4h chart suggesting a potential downside pressures. Immediate support is seen at 1.1790 followed by 1.1710. Initial resistance at 1.1900 followed by 1.2000.
USDCHF Daily Supports and Resistances:
* S1= 1.1772
* S2= 1.1670
* S3= 1.1618
* R1= 1.1926
* R2= 1.1978
* R3= 1.2080
Labels: Forex Analysis, FX Instructor
