Thu, 13th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to pushed higher yesterday. The pair topped at 1.2631 but further upside correction was rejected as the pair whipsawed to the downside, hit the bottom at 1.2436 and closed at 1.2454. The bearish scenario should still intact. However we have a bullish divergence warning between CCI and actual price on hourly and 4h suggesting another potential upside corrections attempt. My model is mixed with neutral bias. Immediate resistance is seen at 1.2585 followed by 1.2630 (yesterday’s high). Initial support at 1.2400 followed by 1.2333.
EURUSD Daily Supports and Resistances:
* S1= 1.2383
* S2= 1.2312
* S3= 1.2188
* R1= 1.2578
* R2= 1.2702
* R3= 1.2773
GBPUSD Outlook
The Sterling slumped against Greenback yesterday. The pair bottomed at 1.4830 and closed at 1.4853. From a longer term of view the pair is now targeting 1.4607. However, early today in Asian session the pair was corrected to the upside, traded around 1.4920 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 1.4990 followed by 1.5075. CCI just cross -100 line up on hourly chart suggesting a potential upside presssures.
GBPUSD Daily Supports and Resistances:
* S1= 1.4628
* S2= 1.4403
* S3= 1.3976
* R1= 1.5280
* R2= 1.5707
* R3= 1.5932
USDJPY Outlook
The USDJPY continued it’s bearish scenario yesterday. The pair bottomed at 94.46 and closed at 94.68. However early today in Asian session the pair was corrected higher, traded around 95.55 at the time I wrote this comment. CCI in oversold area about to cross -100 line up on daily chart suggesting a potential upside correctional movement. My model is mixed with upside bias. Immediate support is seen at 94.46 (yesterday’s low). Initial resistance at 96.50.
USDJPY Daily Supports and Resistances:
* S1= 93.40
* S2= 92.12
* S3= 89.79
* R1= 97.01
* R2= 99.34
* R3= 100.62
USDCHF Outlook
Yesterday the USDCHF made indecisive movement by opened and closed at almost the same price (1.1875 and 1.1873) formed a Doji candlestick formation on daily chart. My model is mixed with neutral bias in nearest term, but remains with upside bias in longer term. Immediate support is seen at 1.1820 followed by 1.1710. Initial resistance is seen at 1.1900 followed by 1.2000. CCI heading up towards 100 line on 4h chart suggesting a potential upside pressures.
USDCHF Daily Supports and Resistances:
* S1= 1.1790
* S2= 1.1707
* S3= 1.1655
* R1= 1.1925
* R2= 1.1977
* R3= 1.2060
Labels: FX Instructor
