November 20 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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Thu, 20th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD attempted to push higher yesterday. After made a breakout to the upside from triangle formation, topped at 1.2813, the pair whipsawed to the downside and break the triangle to the downside. This fact should support the current bearish scenario continuation. The bias is on the downside testing 1.2333 area once again. Immediate resistance is seen at 1.2550 followed by 1.2602. Initial support at 1.2400. CCI in oversold area and about to cross -100 line up on hourly chart so watch out for a minor upside corrections.

EURUSD Daily Supports and Resistances:

• S1= 1.2375
• S2= 1.2254
• S3= 1.2035
• R1= 1.2715
• R2= 1.2934
• R3= 1.3055

GBPUSD Outlook
The GBPUSD made another indecisive movement yesterday. After attempted to push higher and topped at 1.5247, the pair whipsawed to the downside and closed at 1.4958. My model is mixed with neutral bias in nearest term but with downside bias in longer term. We should be aware of the rectangle pattern on hourly chart as a break to the downside could trigger a bearish continuation scenario. Immediate support is seen at 1.4899. A break to the downside could trigger further bearish scenario towards 1.4770 area.

GBPUSD Daily Supports and Resistances:

• S1= 1.4824
• S2= 1.4690
• S3= 1.4479
• R1= 1.5169
• R2= 1.5380
• R3= 1.5514

USDJPY Outlook
After corrected higher on Tuesday, yesterday the USDJPY continued it’s ebarish scenario. The pair bottomed at 95.56 and closed at 95.75. We have a bearish price channel on hourly chart. My model is mixed with downside bias. Immediate resistance is seen at 96.20. Initial support at 95.30 followed by 94.75. CCI about to cross -100 line up on hourly chart so watch out for a minor upside corrections.

USDJPY Daily Supports and Resistances:

• S1= 95.18
• S2= 94.61
• S3= 93.66
• R1= 96.70
• R2= 97.65
• R3= 98.22

USDCHF Outlook
The USDCHF continued it’s bullish scenario yesterday. The pair topped at 1.2145 and closed at 1.2125. We have a nice bullish price channel on hourly chart. The bias is still on the upside. Immediate support is seen at 1.2100 followed by 1.2080. Initial resistance at 1.2210 followed by 1.2338.

USDCHF Daily Supports and Resistances:

• S1= 1.1995
• S2= 1.1866
• S3= 1.1791
• R1= 1.2199
• R2= 1.2274
• R3= 1.2403

Have a great day!