November 25 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, 25th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD made another significant bullish momentum yesterday. The pair topped at 1.2959 and closed at 1.2947. This fact should open the door for a further bullish scenario towards 1.3300 area. However early today in Asian session the pair was traded lower and we have a long bearish candle on 4h chart. CCI already in overbought area and heading down suggesting a potential downside pressures testing 1.2810 and 1.2715 support levels. Initial resistance at 1.3090.

EURUSD Daily Supports and Resistances:

• S1= 1.2687
• S2= 1.2427
• S3= 1.2291
• R1= 1.3083
• R2= 1.3219
• R3= 1.3479

GBPUSD Outlook
The GBPUSD continued it’s bullish momentum yesterday. The pair topped at 1.5189 and closed at 1.5185. This fact should give the pair another bullish scenario. The key level at this phase is 1.5264. A break out to the upside from that level could trigger further bullish scenario towards 1.5686. However CCI in overbought area and heading down on 4h chart suggesting a potential downside pressures testing 1.5060 support area.

GBPUSD Daily Supports and Resistances:

• S1= 1.4955
• S2= 1.4725
• S3= 1.4608
• R1= 1.5302
• R2= 1.5419
• R3= 1.5649

USDJPY Outlook
The USDJPY continued it’s bullish momentum yesterday. The pair topped at 97.43 and closed at 97.08. However the pair was traded lower early today in Asian session. My model is mixed with neutral bias in nearest term but with upside bias in longer term. Immediate support is seen at 96.50 followed by 95.95. Initial resistance at 97.43 (yesterday’s high) followed by 98.00. CCI in overbought area and heading down on 4h chart suggesting a potential downside pressures.

USDJPY Daily Supports and Resistances:

• S1= 95.53
• S2= 93.99
• S3= 93.04
• R1= 98.02
• R2= 98.97
• R3= 100.51

USDCHF Outlook
The USDCHF was corrected lower yesterday. The pair bottomed at 1.1920 and closed at 1.1930. This fact should open the door for a further bearish scenario. A consistent movement below 1.1920 level could trigger further bearish momentum towards 1.1800 area. However CCI in oversold area and heading up on 4h chart suggesting a potential upside pressures testing 1.1990 and 1.2070 resistance area.

USDCHF Daily Supports and Resistances:

• S1= 1.1825
• S2= 1.1721
• S3= 1.1522
• R1= 1.2128
• R2= 1.2327
• R3= 1.2431

Have a great day!