November 05 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, 05th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD made a significant upside corrections yesterday. The pair topped at 1.3048 and closed at 1.2994. The key level at this phase is 1.3048 (yesterday’s high, see the chart). A break to the upside should trigger further bullish momentum towards 1.3298 area, while a failure should keep the bearish scenario intact. CCI in overbought area and heading down on 4h chart, suggesting a potential downside pressures. My model is mixed with downside bias. Immediate support is seen at 1.2908 followed by 1.2817.

EURUSD Daily Supports and Resistances:

• S1= 1.2664
• S2= 1.2334
• S3= 1.2142
• R1= 1.3186
• R2= 1.3378
• R3= 1.3708

GBPUSD Outlook
The GBPUSD also recovered higher yesterday. The pair topped at 1.6109 and closed at 1.5964. However I believe the bearish scenario is still intact. Only a move above 1.6130 area could be a violation to this bearish view. My model is mixed with downside bias. Immediate resistance is seen at 1.6003. Initial support at 1.5840 followed by 1.5750. CCI heading down both on hourly and 4h chart suggesting a potential downside pressures.

GBPUSD Daily Supports and Resistances:

• S1= 1.5674
• S2= 1.5384
• S3= 1.5167
• R1= 1.6181
• R2= 1.6398
• R3= 1.6688

USDJPY Outlook
The USDJPY continued it’s bullish momentum yesterday. The pair topped at 100.56 (4 pips lower from my long target at 100.60), but the bullish momentum seemed very limited as the pair closed lower at 99.77. My model is mixed with upside bias. Immediate support is seen at 99.10 followed by 98.50. Initial resistance at 100.60 followed by 101.30. CCI about to cross 100 line down on hourly chart suggesting a potential downside corrections.

USDJPY Daily Supports and Resistances:

• S1= 98.56
• S2= 97.36
• S3= 96.36
• R1= 100.76
• R2= 101.76
• R3= 102.96

USDCHF Outlook
The USDCHF was corrected lower yesterday. The pair bottomed at 1.1566 and closed at 1.1625. My model is mixed with neutral bias in nearest term but with downside bias in longer term. Immediate support is seen at 1.1555 followed by 1.1464. Initial resistance at 1.1710 followed by 1.1800. CCI about to cross 100 line down on daily chart suggesting a potential downside pressures.

USDCHF Daily Supports and Resistances:

• S1= 1.1527
• S2= 1.1429
• S3= 1.1292
• R1= 1.1762
• R2= 1.1899
• R3= 1.1997

Have a great day!