December 02 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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Tue, 02th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD continued it’s bearish scenario yesterday. The pair bottomed at 1.2585 and closed at 1.2616. The bias remains to the downside in nearest term targeting 1.2430 area. However CCI just cross -100 line up on hourly chart suggesting a potential upside pressures testing 1.2690 then 1.2750 resistance area. Initial support at 1.2580. A break to the downside from that support level could trigger further bearish momentum.

EURUSD Daily Supports and Resistances:

• S1= 1.2563
• S2= 1.2510
• S3= 1.2436
• R1= 1.2690
• R2= 1.2764
• R3= 1.2817

GBPUSD Outlook
As I had expected, after break the key support level at 1.5260, yesterday the GBPUSD made a further bearish momentum. The pair bottomed at 1.4807 and closed at 1.4887. The bias remains bearish targeting 1.4550 area. However CCI in oversold area and heading up on 4h chart so watch out for some upside pressures testing 1.5075 resistance area. Initial support at 1.4850 followed by 1.4807 (yesterday’s low).

GBPUSD Daily Supports and Resistances:

• S1= 1.4664
• S2= 1.4441
• S3= 1.4075
• R1= 1.5253
• R2= 1.5619
• R3= 1.5842

USDJPY Outlook
As I had expected, after USDJPY broke the ranging area (95.95 – 95.00) to the downside, the pair had a nice bearish momentum yesterday. The pair bottomed at 92.88 and closed at 93.02. The bias is on the downside. However there are some upside pressures early today in Asian session and CCI in oversold area and heading up on 4h chart so watch out for some bullish corrections testing 94.10 then 94.60 resistance area.

USDJPY Daily Supports and Resistances:

• S1= 92.08
• S2= 91.14
• S3= 89.41
• R1= 94.75
• R2= 96.48
• R3= 97.42

USDCHF Outlook
The USDCHF was corrected lower yesterday. The pair bottomed at 1.2019 and closed at 1.2039. It looks like the bullish channel on 4h chart is violated to the downside. This fact force my model to mixed with downside bias in nearest term, but with neutral bias in longer term. The key support level at this phase is 1.2000. A break to the downside from that support level could trigger further bearish momentum towards 1.1850 area.

USDCHF Daily Supports and Resistances:

• S1= 1.1988
• S2= 1.1938
• S3= 1.1857
• R1= 1.2119
• R2= 1.2200
• R3= 1.2250

Have a great day!