November 10 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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Mon, 10th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After a limited bullish momentum on Friday, the EURUSD was traded higher early today in Asian session, traded around 1.2860 at the time I wrote this comment. We had about 100 pips gap. From a longer term of view, as long as the pair stay below 1.3200, technically the bias is still bearish. My model is mixed with neutral bias. Immediate resistance is seen at 1.2930 followed by 1.3050. Initial support at 1.2783 followed by 1.2666. CCI in neutral area both on 4h and daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.2628
• S2= 1.2541
• S3= 1.2430
• R1= 1.2826
• R2= 1.2937
• R3= 1.3024

GBPUSD Outlook
Similar to EURUSD, the GBPUSD also traded higher this morning in Asian session and we also had more than 100 pips gap. However, from a longer perspective, as long as the pair stay below 1.6408, I think we are still in bearish scenario. My model goes mixed with neutral bias. Immediate resistance is seen at 1.5940 followed by 1.6050. Initial support at 1.5725 followed by 1.5590. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.5492
• S2= 1.5342
• S3= 1.5150
• R1= 1.5834
• R2= 1.6026
• R3= 1.6176

USDJPY Outlook
The USDJPY failed to continued it’s bearish momentum on Friday. The pair topped at 98.68 and closed at 98.23. The bearish channel both on hourly and 4h chart is violated to the upside. This fact force my model to mixed with upside bias. Immediate support is seen at 98.50. Initial resistance at 99.50. CCI heading up towards 100 line on 4h chart suggesting a potential upside pressures.

USDJPY Daily Supports and Resistances:

• S1= 96.94
• S2= 95.66
• S3= 94.79
• R1= 99.09
• R2= 99.96
• R3= 101.24

USDCHF Outlook
The USDCHF made indecisive movement on Friday by opened and closed at almost the same price (1.1789 and 1.1784) However early today in Asian session the pair was traded lower around 1.1740 at the time I wrote this comment. My model is mixed with neutral bias. Immediate resistance is seen at 1.1800. Initial support at 1.1680 followed by 1.1590. CCI in overbought area and heading down on daily chart suggesting a potential downside pressures.

USDCHF Daily Supports and Resistances:

• S1= 1.1709
• S2= 1.1635
• S3= 1.1592
• R1= 1.1826
• R2= 1.1869
• R3= 1.1943

Have a great day!