November 28 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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Fri, 28th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
We had a choppy market movements yesterday. The descending triangle formation seen on 4h chart suggesting that the pair is in consolidation phase with downside bias. A breakout from this triangle with significant increase of volume could give us a clearer direction. CCI just cross 100 line down on daily chart suggesting a potential downside pressures. Immediate resistance is seen at 1.2968 (yesterday’s high) followed by 1.3050. Initial support at 1.2850. A breakout to the downside from that support level could trigger further bearish momentum towards 1.2650 area.

EURUSD Daily Supports and Resistances:

• S1= 1.2848
• S2= 1.2800
• S3= 1.2740
• R1= 1.2956
• R2= 1.3016
• R3= 1.3064

GBPUSD Outlook
The GBPUSD didn’t make a significant movement yesterday. We still have a valid bullish channel on 4h chart. However there are some downside pressures early today in Asian session testing the support of the bullish channel. A violation to the downside could trigger further bearish momentum. Immediate support is seen at 1.5320 followed by 1.5200. Initial resistance at 1.5440 followed by 1.5525. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.5300
• S2= 1.5207
• S3= 1.5101
• R1= 1.5499
• R2= 1.5605
• R3= 1.5698

USDJPY Outlook
The USDJPY made another indecisive movement by open and closed at almost the same price (95.41 and 95.32). My model remains mixed with downside bias. Immediate support is seen at 94.50. Initial resistance 95.93. CCI about to cross -100 line down on hourly chart suggesting a potential downside pressures.

USDJPY Daily Supports and Resistances:

• S1= 94.97
• S2= 94.62
• S3= 94.25
• R1= 95.69
• R2= 96.06
• R3= 96.41

USDCHF Outlook
Similar to other major pairs, the USDCHF made indecisive movement yesterday. We can see in hourly chart the pair is moving in ranging area between 1.2030 and 1.1950. A breakout from that ranging area could give us a clearer direction. CCI in neutral area and heading up towards 100 line suggesting a potential upside pressures.

USDCHF Daily Supports and Resistances:

• S1= 1.1960
• S2= 1.1915
• S3= 1.1878
• R1= 1.2042
• R2= 1.2079
• R3= 1.2124

Have a great weekend!