Mon, 24th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The EURUSD made a significant upside correction on Friday. The pair topped at 1.2637 and closed at 1.2587. Today we might see another upside attempt as the price already broke the bearish trend line on 4h chart to the upside. The key level at this phase is 1.2734 area. A break out to the upside from that level could trigger further bullish scenario while a failure could give us some short trades opportunity. Immediate support is seen at 1.2515. CCI just cross -100 line up on daily chart suggesting a potential upside pressures.
EURUSD Daily Supports and Resistances:
- S1= 1.2461
- S2= 1.2335
- S3= 1.2247
- R1= 1.2675
- R2= 1.2763
- R3= 1.2889
GBPUSD Outlook
The GBPUSD failed to continued it’s bearish momentum on Friday. The pair topped at 1.5061 but closed lower at 1.4925. The bearish trend line on 4h chart is violated to the upside. The key level at this phase is 1.5050. A break to the upside from that level could trigger further bullish momentum while a failure should keep the bearish scenario intact. Immediate support is seen at 1.4810. CCI just cross -100 line up on daily chart suggesting a potential upside pressures.
GBPUSD Daily Supports and Resistances:
- S1= 1.4733
- S2= 1.4541
- S3= 1.4377
- R1= 1.5089
- R2= 1.5253
- R3= 1.5445
USDJPY Outlook
The USDJPY was corrected higher on Friday. The pair topped at 95.99 and closed at 95.96. However, early today in Asian session the pair was traded lower at around 95.20 at the time I wrote this comment. This upside rejection could give us some short trades opportunity. My model is mixed with downside bias. Immediate resistance is seen at 96.20. Initial support at 95.00 followed by 94.45. CCI just cross -100 line down on daily chart suggesting a potential bearish view.
USDJPY Daily Supports and Resistances:
- S1= 94.41
- S2= 92.86
- S3= 92.07
- R1= 96.75
- R2= 97.54
- R3= 99.09
USDCHF Outlook
The USDCHF bullish momentum seemed to lose some strength on Friday. The pair open and closed at almost the same price. Early today in Asian session the pair was traded lower around 1.2190 at the time I wrote this comment. We might see another bearish pressures today as the price action seem to point down. Immediate support is seen at 1.2120 followed by 1.2070. initial resistance at 1.2240. CCI in overbought area and heading down on daily chart suggesting a potential downside pressures
USDCHF Daily Supports and Resistances:
- S1= 1.2167
- S2= 1.2107
- S3= 1.2043
- R1= 1.2291
- R2= 1.2355
- R3= 1.2415
Labels: Forex Analysis, Forex Trend, FX Instructor
