November 18 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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Tue, 18th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD was corrected higher yesterday. The pair topped at 1.2742 but closed lower at 1.2636. This fact force my model to go mixed with neutral bias in nearest term, but still with downside bias in longer term. Only a consistent move above 1.2750 area would be a violation to the bearish scenario. Immediate support is seen at 1.2600. A break to the downside from that level could trigger further bearish momentum. CCI about to cross -100 line down on hourly chart suggesting a potential downside pressures.

EURUSD Daily Supports and Resistances:

• S1= 1.2518
• S2= 1.2400
• S3= 1.2288
• R1= 1.2748
• R2= 1.2860
• R3= 1.2978

GBPUSD Outlook
The Sterling recovered against Greenback yesterday. The pair topped at 1.5082 and closed at 1.4951. Daily CCI in oversold area and heading up suggesting a potential upside pressures. My model is mixed with neutral bias. Immediate resistance is seen at 1.5062. A break to the upside from that level could trigger further bullish momentum towards 1.5262 area. Initial support at 1.4910 followed by 1.4790.

GBPUSD Daily Supports and Resistances:

• S1= 1.4710
• S2= 1.4470
• S3= 1.4284
• R1= 1.5136
• R2= 1.5322
• R3= 1.5562

USDJPY Outlook
The USDJPY made indecisive movement by opened and closed at almost the same price (96.28 and 96.25), formed a Doji formation on daily chart. We have a triangle formation on hourly chart as the price seem to be in consolidation. Immediate resistance is seen at 97.05. A break to the upside from that level could trigger further bullish corrections. Initial support at 96.20. A break to the downside from that level could trigger further bearish momentum.

USDJPY Daily Supports and Resistances:

• S1= 95.61
• S2= 94.97
• S3= 94.01
• R1= 97.21
• R2= 98.17
• R3= 98.81

USDCHF Outlook
The USDCHF didn’t make a significant movement yesterday. The pair seem to move in ranging area of 1.2000 and 1.1880. A break from that ranging area should give us a clearer direction. My model is mixed with neutral bias. CCI about to cross 100 line down on hourly chart suggesting a potential downside pressures.

USDCHF Daily Supports and Resistances:

• S1= 1.1915
• S2= 1.1841
• S3= 1.1796
• R1= 1.2034
• R2= 1.2079
• R3= 1.2153

Have a great day!