December 01 market commentary and technical levels

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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Mon, 01th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After broke the descending triangle formation to the downside, the EURUSD continued it’s bearish momentum on Friday. The pair bottomed at 1.2646 and closed at 1.2690. The bias is on the downside, targeting 1.2430 area. CCI in oversold area and heading up on 4h chart so watch out for a minor upside corrections testing 1.2740 and 1.2800 resistance levels.

EURUSD Daily Supports and Resistances:

• S1= 1.2571
• S2= 1.2453
• S3= 1.2260
• R1= 1.2882
• R2= 1.3075
• R3= 1.3193

GBPUSD Outlook
The GBPUSD failed to maintain it’s bullish momentum on Friday. The bullish price channel on 4h chart is violated to the downside. This fact force my model to mixed with downside bias. The key level at this phase is the support level at 1.5260. A break to the downside from that level could trigger further bearish scenario. CCI heading down towards 100 line on 4h chart suggesting a potential downside pressures. Immediate resistance is seen at at 1.5400 area.

GBPUSD Daily Supports and Resistances:

• S1= 1.5269
• S2= 1.5169
• S3= 1.5080
• R1= 1.5458
• R2= 1.5547
• R3= 1.5647

USDJPY Outlook
The USDJPY made another choppy market on Friday. The pair seems to move in ranging area of 95.95 and 95.00. A breakout from the ranging area could give us a clearer direction. My model remains mixed with downside bias. CCI in neutral area and heading down both on hourly and 4h chart suggesting a potential downside pressures.

USDJPY Daily Supports and Resistances:

• S1= 95.19
• S2= 94.86
• S3= 94.59
• R1= 95.79
• R2= 96.06
• R3= 96.39

USDCHF Outlook
The USDCHF continued it’s bullish momentum on Friday. The pair topped at 1.2198 and closed at 1.2134. The bias is on the upside. However, CCI in overbought area and heading down on 4h chart so watch out for a minor downside corrections testing 1.2060 and 1.2013 support levels. Initial resistance at 1.2195 followed by 1.2296.

USDCHF Daily Supports and Resistances:

• S1= 1.1996
• S2= 1.1859
• S3= 1.1758
• R1= 1.2234
• R2= 1.2335
• R3= 1.2472

Have a great day!