October 08 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, 08th of October, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD was corrected higher yesterday. The pair topped at 1.3743 but closed lower at 1.3617. My model is mix with neutral bias in the nearest term but still with downside bias in longer term. Immediate resistance is seen at 1.4645. A break to the upside could trigger further bullish momentum testing 1.3772 resistance level. Initial support at 1.3540 followed by 1.3483 (yesterday’s low). CCI in neutral area on 4h chart.

EURUSD Daily Supports and Resistances:

• S1= 1.3485
• S2= 1.3354
• S3= 1.3225
• R1= 1.3745
• R2= 1.3874
• R3= 1.4005

GBPUSD Outlook
Yesterday the GBPUSD made another upside correction. The pair topped at 1.7657 but this bullish momentum seems very limited as the pair closed lower at 1.7516. My model is mixed with neutral bias in nearest term but still with downside bias in longer term. Immediate resistance is seen at 1.7543 followed by 1.7650. Initial support at 1.7420 followed by 1.7335. CCI in neutral area on 4h chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.7335
• S2= 1.7155
• S3= 1.6994
• R1= 1.7676
• R2= 1.7837
• R3= 1.8017

USDJPY Outlook
The USDJPY made indecisive movement yesterday by opened and closed at almost the same price (101.47 and 101.55). My model remains mixed with downside bias. Immediate resistance is seen at 101.60 followed by 102.05. Initial support at 101.05. A break to the downside from that support level could trigger further bearish scenario towards 100.22 area again. CCI in oversold area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 100.64
• S2= 99.74
• S3= 98.42
• R1= 102.86
• R2= 104.18
• R3= 105.08

USDCHF Outlook
Like all other major currencies, yesterday the Swiss Franc recovered against the Greenback. The pair bottomed at 1.1358 and closed at 1.1380. We still have a valid bullish channel on 4h chart. As long as the channel is not violated to the downside, the bias is up. Immediate support is seen at 1.1360. A consistent movement below 1.1308 support level will be considered as a violation to the bullish channel. CCI in neutral area on 4h chart.

USDCHF Daily Supports and Resistances:

• S1= 1.1330
• S2= 1.1281
• S3= 1.1204
• R1= 1.1456
• R2= 1.1533
• R3= 1.1582

Have a great day!