December 03 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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Wed, 03th of December, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD was corrected higher yesterday. The pair topped at 1.2765 and closed at 1.2720. Although in longer term view, technically the bearish scenario is still intact, we might see another upside pressures today. Only a consistent move above 1.2850 could be a violation to the current bearish scenario. Immediate resistance is seen at 1.2765 (yesterday’s high). Initial support at 1.2682 followed by 1.2580. CCI in neutral area both on hourly and 4h chart. Be very patient at this phase .

EURUSD Daily Supports and Resistances:

• S1= 1.2600
• S2= 1.2480
• S3= 1.2398
• R1= 1.2802
• R2= 1.2884
• R3= 1.3004

GBPUSD Outlook
The GBPUSD made indecisive movement yesterday. The pair attempted to push lower, bottomed at 1.4777 but further bearish momentum was rejected as the pair whipsawed to the upside, topped at 1.5069 and closed at 1.4917. Although the bearish scenario should still intact, we might have another bullish attempt today. Immediate resistance is seen at 1.5069 (yesterday’s high). Initial support at 1.4850 followed by 1.4750. CCI in neutral area both on 4h and daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.4773
• S2= 1.4629
• S3= 1.4481
• R1= 1.5065
• R2= 1.5213
• R3= 1.5357

USDJPY Outlook
The USDJPY didn’t make significant movement yesterday. We have a descending triangle formation seen on both 4h and daily chart suggesting that the pair is in consolidation phase with downside bias. The key support level at this phase is 92.60 area. A break to the downside from that level could trigger further bearish momentum. However CCI already in oversold area and heading up on daily chart so watch out for some upside pressures testing resistance level at 93.70 then 94.50.

USDJPY Daily Supports and Resistances:

• S1= 92.59
• S2= 92.03
• S3= 91.42
• R1= 93.76
• R2= 94.37
• R3= 94.93

USDCHF Outlook
The USDCHF also didn’t make significant movement yesterday. The pair seemed to move in ranging area of 1.2090 and 1.1990. A breakout from the ranging area would give us a clearer direction. Hourly CCI seem to reject the 100 line and heading down suggesting a potential downside pressures.

USDCHF Daily Supports and Resistances:

• S1= 1.2005
• S2= 1.1950
• S3= 1.1906
• R1= 1.2104
• R2= 1.2148
• R3= 1.2203

Have a great day!