November 06 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.

About Me My Articles

Thu, 06th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD attempted to pushed higher yesterday. The pair broke 1.3048 resistance, topped at 1.3116, but closed lower at 1.2927 ( A false breakout). This fact should keep the bearish scenario intact. My model remains mixed with downside bias. Immediate resistance is seen at 1.3003. Initial support at 1.2850 followed by 1.2705. CCI just cross 100 line down on 4h chart suggesting a potential downside pressures.

EURUSD Daily Supports and Resistances:

• S1= 1.2774
• S2= 1.2621
• S3= 1.2450
• R1= 1.3098
• R2= 1.3269
• R3= 1.3422

GBPUSD Outlook
The GBPUSD attempted to make a further upside corrections yesterday. The pair broke the 1.6130 resistance, topped at 1.6197, but closed lower at 1.5887. Early today in Asian session the pair continued to push lower, traded at around 1.5825 at the time I wrote this comment. For now, this fact should keep the bearish scenario intact. My model remains mixed with downside bias. Immediate resistance is seen at 1.5990. Initial support at 1.5810 followed by 1.5750. CCI heading down towards -100 line both on hourly and 4h chart suggesting a potential downside pressures.

GBPUSD Daily Supports and Resistances:

• S1= 1.5692
• S2= 1.5497
• S3= 1.5245
• R1= 1.6139
• R2= 1.6391
• R3= 1.6586

USDJPY Outlook
The USDJPY failed to continued it’s bullish momentum yesterday. The pair bottomed at 97.75 and closed at 97.97. The bullish channel on hourly and 4h chart is violated to the downside. This fact force my model to go mixed with downside bias. Immediate resistance is seen at 98.40 followed by 98.85. Initial support at 97.35. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 97.17
• S2= 96.37
• S3= 95.00
• R1= 99.34
• R2= 100.71
• R3= 101.51

USDCHF Outlook
The USDCHF continued it’s bearish correction yesterday. The pair bottomed at 1.1549 and closed at 1.1589. My model remains mixed with downside bias. Immediate resistance is seen at 1.1710. Initial support at 1.1555 followed by 1.1475. CCI just cross 100 line down on daily chart suggesting a potential downside pressures.

USDCHF Daily Supports and Resistances:

• S1= 1.1510
• S2= 1.1431
• S3= 1.1314
• R1= 1.1706
• R2= 1.1823
• R3= 1.1902

Have a great day!