Fri, 14th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
Yesterday the CCI bullish divergence gave us a valid warning. The pair was corrected higher, topped at 1.2857 and closed at 1.2787. But remember that we are still intact with the bearish scenario in longer term so we must see this bullish momentum just as a correctional movement. My model remains mixed with downside bias. Immediate resistance is seen at 1.2850 followed by 1.2930. Initial support at 1.2650. A break to the downside from that level could give us further bearish momentum towards 1.2450 and 1.2333 area. CCI in overbought area and heading down in 4h chart, suggesting a potential downside pressures.
EURUSD Daily Supports and Resistances:
* S1= 1.2498
* S2= 1.2209
* S3= 1.2030
* R1= 1.2966
* R2= 1.3145
* R3= 1.3434
GBPUSD Outlook
The GBPUSD attempted to push lower yesterday. The pair hit the long term bearish target at 1.4607, even further bottomed at 1.4557. This fact should keep the bearish scenario intact. However, we have a bullish CCI divergence warning between CCI and actual price on 4h chart, suggesting a potential upside corrections. My model is mixed with neutral bias in nearest term, but we are still intact with the bearish scenario in longer term. Immediate resistance is seen at 1.4990. Initial support at 1.4607. A consistent move below that level should trigger further bearish momentum towards 1.4400 area. CCI just cross -100 line up on 4h chart suggesting a potential upside pressures.
GBPUSD Daily Supports and Resistances:
* S1= 1.4593
* S2= 1.4358
* S3= 1.4159
* R1= 1.5027
* R2= 1.5226
* R3= 1.5461
USDJPY Outlook
The USDJPY was corrected higher. The pair topped at 98.26 and closed at 97.71. From a longer term of view, as long as the pair stay below 98.50, we are still intact with bearish scenario. My model is mixed with neutral bias in nearest term, but with downside bias in longer term. Immediate support is seen at 96.50. Initial resistance at 98.26 (yesterday’s high). CCI in neutral area both on 4h and daily chart, but just cross 100 line down on hourly chart suggesting a potential downside pressures.
USDJPY Daily Supports and Resistances:
* S1= 95.46
* S2= 93.21
* S3= 91.81
* R1= 99.11
* R2= 100.51
* R3= 102.76
USDCHF Outlook
The USDCHF made indecisive movement yesterday by opened and closed at almost the same price (1.1874 and 1.1876) and made another Doji on daily chart. It looks like further bullish momentum is very limited now. My model is mixed with neutral bias in nearest term but we are still in bullish scenario in longer term. Immediate support is seen at 1.1800 followed by 1.1710. Initial resistance at 1.2000. CCI about to cross 100 line down on daily chart suggesting a potential downside pressures.
USDCHF Daily Supports and Resistances:
* S1= 1.1800
* S2= 1.1724
* S3= 1.1624
* R1= 1.1976
* R2= 1.2076
* R3= 1.2152
Labels: Forex Analysis, FX Instructor
