November 19 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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Wed, 19th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD made indecisive movement by opened and closed at almost the same price (1.2633 and 1.2636) formed a Doji candlestick formation on daily chart. We have a triangle formation on 4h chart as the pair has been trading in consolidation phase. A breakout from the triangle should give us a clearer direction in nearest term. The key levels at this phase is 1.2675 resistance and 1.2575 support as a breakout from one of those level could also be considered as a breakout from the triangle formation. CCI in neutral area on both 4h and daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.2568
• S2= 1.2500
• S3= 1.2434
• R1= 1.2702
• R2= 1.2768
• R3= 1.2836

GBPUSD Outlook
The GBPUSD didn’t make a significant movement yesterday. The pair moved in ranging area between 1.5090 and 1.4899 area. A breakout from that ranging area would give us a clearer direction. Although in longer term we are still intact with bearish scenario, the daily CCI about to cross -100 line up suggesting a potential bullish correction.

GBPUSD Daily Supports and Resistances:

• S1= 1.4886
• S2= 1.4797
• S3= 1.4695
• R1= 1.5077
• R2= 1.5179
• R3= 1.5268

USDJPY Outlook
After breakout to the upside of triangle formation on hourly chart, yesterday the USDJPY was traded higher. The pair topped at 97.41 but closed lower at 96.90. Early today in Asian session the pair was traded lower around 96.60 at the time I wrote this comment. Remember that the bearish scenario is still intact. My model goes mixed with downside bias. Immediate resistance is seen at 97.50. Initial support at 95.75. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 96.14
• S2= 95.38
• S3= 94.75
• R1= 97.53
• R2= 98.16
• R3= 98.92

USDCHF Outlook
After breakout to the upside from the ranging area of 1.2000 and 1.1880, the USDCHF continued to move higher early today in Asian session. The main bias is on the upside. However watch out for minor downside corrections as the pair already in overbought area and heading down both on 4h and daily chart. Immediate support is seen at 1.2000. Initial resistance at 1.2100.

USDCHF Daily Supports and Resistances:

• S1= 1.1978
• S2= 1.1932
• S3= 1.1899
• R1= 1.2057
• R2= 1.2090
• R3= 1.2136

Have a great day!