Fri, 21th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD attempted to make another upside correction yesterday, topped at 1.2593 but further bullish momentum was rejected as the pair whipsawed to the downside bottomed at 1.2434 and closed at 1.2454. We have seen triangle formations on hourly and 4h chart lately and now we have another triangle on daily chart suggesting that the pair is in consolidation phase. For now, these triangles should support the bearish continuation scenario. Immediate support is seen at 1.2390 followed by 1.2333. CCI in oversold area and about to cross -100 line up on hourly chart suggesting a potential upside corrections testing 1.2515 and 1.2575 resistance levels.
EURUSD Daily Supports and Resistances:
- S1= 1.2394
- S2= 1.2334
- S3= 1.2235
- R1= 1.2553
- R2= 1.2652
- R3= 1.2712
GBPUSD Outlook
After 2 days of indecisive movement, the GBPUSD continued it’s bearish scenario yesterday. The pair bottomed at 1.4712 and closed at 1.4737. My model goes mixed with downside bias. We also have triangle formations on 4h and daily chart suggesting that the pair is in consolidation phase. This should support the bearish continuation scenario testing 1.4557 once again. CCI just cross -100 line up on hourly chart suggesting a potential upside corrections testing 1.4844 resistance level.
GBPUSD Daily Supports and Resistances:
- S1= 1.4635
- S2= 1.4533
- S3= 1.4354
- R1= 1.4916
- R2= 1.5095
- R3= 1.5197
USDJPY Outlook
The USDJPY continued it’s bearish momentum yesterday. The pair bottomed at 93.55 and closed at 94.17. Early today in Asian market the pair was softly corrected, traded around 94.40 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. From a longer term view, this bearish action price should targeting 89.30 area. Immediate resistance is seen at 94.90. Initial support at 93.35 (yesterday’s low) followed by 92.78. CCI just cross -100 line up on hourly chart so watch out for a minor upside correction.
USDJPY Daily Supports and Resistances:
- S1= 93.06
- S2= 91.96
- S3= 90.37
- R1= 95.75
- R2= 97.34
- R3= 98.44
USDCHF Outlook
The USDCHF continued it’s bullish scenario yesterday. The pair topped at 1.2275 and closed at 1.2235. This fact should open the door for a further bullish scenario targeting 1.2468. My model is mixed with upside bias. Immediate support is seen at 1.2200 followed by 1.2150. Initial resistance at 1.2338. CCI in overbought area and heading down on 4h chart so watch out for downside corrections.
USDCHF Daily Supports and Resistances:
- S1= 1.2132
- S2= 1.2029
- S3= 1.1958
- R1= 1.2306
- R2= 1.2377
- R3= 1.2480
Labels: Forex Analysis, Forex Trend, m, Market Analysis
