September 10 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, 10th of September, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD made indecisive movement by opened and closed at almost the same price yesterday (1.4117 and 1.4107). In hourly chart we can see that the pair move in ranging area between 1.4195 and 1.4053, which is the area of 0.0 and 38.2% Fibonacci retracement of my hourly chart. However, at the same time, we have a new hourly bullish channel. CCI in oversold area and heading up on daily chart which also supporting potential bullish correction. My model is mixed with upside bias in nearest term, but neutral in longer term. I think we need a breakout to find clearer direction whether it is a breakout from the ranging area or a violation of the bullish channel to the downside.

EURUSD Daily Supports and Resistances:

• S1= 1.4026
• S2= 1.3946
• S3= 1.3846
• R1= 1.4206
• R2= 1.4306
• R3= 1.4386

GBPUSD Outlook
Similar to EURUSD, yesterday the GBPUSD made indecisive movement by opened and closed at almost the same price (1.7574 and 1.7585). We have a bullish channel on hourly chart. My model is mixed with upside bias in nearest term, but neutral in longer term. Immediate support is seen at 1.7560. Initial resistance at 1.7730. CCI about to cross -100 line up on daily chart suggesting a potential bullish correction.

GBPUSD Daily Supports and Resistances:

• S1= 1.7491
• S2= 1.7397
• S3= 1.7290
• R1= 1.7692
• R2= 1.7799
• R3= 1.7893

USDJPY Outlook
The USDJPY continued it’s bearish momentum yesterday. The pair bottomed at 106.66 and closed at 106.80. We have a valid bearish channel on hourly chart. However, this hourly bearish view is conflicting with daily time frame where CCI in oversold area and heading up as the pair is traded higher around 107.20 at the time I wrote this comment. My model is mixed with no trading zone. Immediate resistance is seen at 107.58. Initial support at 106.66 (yesterday’s low).

USDJPY Daily Supports and Resistances:

• S1= 106.23
• S2= 105.66
• S3= 104.66
• R1= 107.80
• R2= 108.80
• R3= 109.37

USDCHF Outlook
The USDCHF made a soft bearish correction yesterday. The pair attempt to push higher, topped at 1.1362 before hit the bottomed at 1.1212 and closed at 1.1278. My model is mixed with neutral bias. Immediate resistance is seen at 1.1312 followed by 1.1362 (yesterday’s high). Initial support at 1.1247. CCI in overbought area and heading down on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.1206
• S2= 1.1134
• S3= 1.1056
• R1= 1.1356
• R2= 1.1434
• R3= 1.1506

Have a great day!