November 17 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

Mon, 17th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After corrected higher on Thursday, the EURUSD continued it’s bearish scenario on Friday. The pair bottomed at 1.2571 and closed at 1.2605. The bias is still on the downside, with 1.2333 as the target. Immediate resistance is seen at 1.2650. CCI about to cross -100 line down on daily chart suggesting a potential downside pressures.

EURUSD Daily Supports and Resistances:

• S1= 1.2508
• S2= 1.2411
• S3= 1.2252
• R1= 1.2764
• R2= 1.2923
• R3= 1.3020

GBPUSD Outlook
The GBPUSD continued it’s bearish scenario on Friday. The pair bottomed at 1.4655 and closed at 1.4737. The bias should stay bearish. From a long term point of view on monthly chart, the pair is now targeting 1.4576 area (61.8% Fib Retracement from 1.0463 to 2.1161). Immediate resistance is seen at 1.4805. CCI heading down towards -100 line on 4h chart suggesting a potential downside pressures.

GBPUSD Daily Supports and Resistances:

• S1= 1.4609
• S2= 1.4481
• S3= 1.4308
• R1= 1.4910
• R2= 1.5083
• R3= 1.5211

USDJPY Outlook
After corrected higher on Thursday, the USDJPY was traded lower on Friday. The pair bottomed at 96.08 but closed higher at 97.07. My model is mixed with neutral bias in nearest term but with downside bias in longer term. Immediate resistance is seen at 97.40 followed by 98.70. Initial support at 95.15. A break to the downside from that level could trigger further bearish momentum. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 96.08
• S2= 95.09
• S3= 94.10
• R1= 98.06
• R2= 99.05
• R3= 100.04

USDCHF Outlook
The USDCHF continued it’s bullish scenario on Friday. The pair topped at 1.1990 and closed at 1.1950. My model is mixed with neutral bias in nearest term, but remains with upside bias in longer term. Immediate support is seen at 1.1950 followed  by 1.1800. Initial resistance at 1.2100. CCI about to cross 100 line down on hourly chart suggesting a potential downside corrections.

USDCHF Daily Supports and Resistances:

• S1= 1.1862
• S2= 1.1775
• S3= 1.1711
• R1= 1.2013
• R2= 1.2077
• R3= 1.2164

Have a great day!