November 07 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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Fri, 07th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD continued it’s bearish momentum yesterday. The pair bottomed at 1.2675 and closed at 1.2678. The 1.2630 level could be a key level at this phase as a break to the downside could trigger further bearish momentum and technically  ready to set up another journey heading for 1.2333 once again. My model remains mixed with downside bias. CCI about to cross -100 line down on 4h chart and heading down towards -100 line on daily chart suggesting a potential downside pressures. However CCI about to cross -100 line up on hourly chart, suggesting a potential minor upside corrections testing 1.2750 resistance level. Be patient. Eyes on US NFP data today.

EURUSD Daily Supports and Resistances:

• S1= 1.2584
• S2= 1.2490
• S3= 1.2305
• R1= 1.2863
• R2= 1.3048
• R3= 1.3142

GBPUSD Outlook
The GBPUSD also continued it’s bearish momentum yesterday. The pair bottomed at 1.5558 and closed at 1.5569. It looks like the pair is in a strong bearish pressures. My model goes short targeting 1.5400. CCI about to cross -100 line down on daily chart suggesting a potential bearish view. However, hourly CCI about to cross -100 line up so watch out for a minor upside corrections testing 1.5640 resistance level. Be patient. Eyes on US NFP data today.

GBPUSD Daily Supports and Resistances:

• S1= 1.5404
• S2= 1.5240
• S3= 1.4922
• R1= 1.5886
• R2= 1.6204
• R3= 1.6368

USDJPY Outlook
The USDJPY was traded softly weaker yesterday. The pair bottomed at 97.38 and closed at 97.46. Early today in Asian session the pair continued to push lower, traded around 97.05 at the time I wrote this comment. We have a valid bearish channel on hourly chart. My model remains mixed with downside bias. Immediate resistance is seen at 97.50. Initial support at 96.30. CCI heading down towards -100 line on daily chart suggesting a potential downside pressures.

USDJPY Daily Supports and Resistances:

• S1= 97.00
• S2= 96.54
• S3= 95.71
• R1= 98.29
• R2= 99.12
• R3= 99.58

USDCHF Outlook
The USDCHF failed to maintain it’s bearish momentum yesterday. The pair topped at 1.1795 and closed at 1.1791. The key level at this phase is 1.1800. A break to the upside from that level could trigger further bullish scenario towards 1.1950 area. My model is mixed with neutral bias. CCI in overbought area on 4h chart so we might have some downside consolidation.

USDCHF Daily Supports and Resistances:

• S1= 1.1640
• S2= 1.1489
• S3= 1.1412
• R1= 1.1868
• R2= 1.1945
• R3= 1.2096

Have a great weekend!