November 04 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, 04th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD continued it’s bearish momentum yesterday. The pair bottomed at 1.2575 and closed at 1.2583. This fact should trigger further bearish scenario towards 1.2333 once again. The bias is on the downside. However CCI just cross -100 line up on hourly chart suggesting a potential upside corrections testing 1.2666 and 1.2750 resistance levels. Initial support is seen at 1.2550 followed by 1.2450. CCI heading down towards -100 line on daily chart suggesting a potential downside pressures.

EURUSD Daily Supports and Resistances:

• S1= 1.2472
• S2= 1.2362
• S3= 1.2149
• R1= 1.2795
• R2= 1.3008
• R3= 1.3118

GBPUSD Outlook
The GBPUSD also continued it’s bearish momentum yesterday. The pair bottomed at 1.5723 and closed at 1.5731. From a long term point of view, this fact should open the door for further bearish scenario towards 1.5262. The bias remains bearish. Immediate support is seen at 1.5675 followed by 1.5605. CCI just cross -100 line up on hourly chart suggesting a potential upside corrections testing 1.6003 resistance level.

GBPUSD Daily Supports and Resistances:

• S1= 1.5503
• S2= 1.5275
• S3= 1.4827
• R1= 1.6179
• R2= 1.6627
• R3= 1.6855

USDJPY Outlook
The USDJPY continued it’s bullish momentum yesterday. The pair topped at 99.63 and closed at 99.26. My model is long targeting 100.60. Only a consistent move below 97.80 support level could be a violation to this bullish momentum. CCI just cross -100 line up on hourly chart suggesting a potential bullish view.

USDJPY Daily Supports and Resistances:

• S1= 98.43
• S2= 97.61
• S3= 97.01
• R1= 99.85
• R2= 100.45
• R3= 101.27

USDCHF Outlook
Similar to other major currencies, the Swiss Franc was traded weaker against Greenback yesterday. The pair topped at 1.1787 and closed at 1.1786. We have a valid bullish channel on hourly and 4h chart. My model goes mixed with upside bias. Immediate support is seen at 1.1710. Initial resistance at 1.1855. CCI just cross -100 line down on hourly chart suggesting a potential downside corrections.

USDCHF Daily Supports and Resistances:

• S1= 1.1577
• S2= 1.1368
• S3= 1.1263
• R1= 1.1891
• R2= 1.1996
• R3= 1.2205

Have a great day!