September 11 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.

About Me My Articles

Thu, 11th of September, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After breakout to the downside of ranging area (1.4195 and 1.4053), EURUSD continued it’s bearish scenario, bottomed at 1.3951 and closed at 1.3964. We have a valid bearish channel on hourly chart. My model goes short targeting 1.3840. Immediate resistance is seen at 1.4004. CCI in oversold area on all 3 time frames (hourly, 4h, daily) so watch out for a minor upside risks.

EURUSD Daily Supports and Resistances:

• S1= 1.3884
• S2= 1.3804
• S3= 1.3657
• R1= 1.4111
• R2= 1.4258
• R3= 1.4338

GBPUSD Outlook
Yesterday the GBPUSD bullish channel was violated to the downside and the pair continued it’s bearish momentum, bottomed at 1.7477 and closed at 1.7494. My model goes short targeting 1.7415. Immediate resistance is seen at 1.7522 followed by 1.7552. CCI in oversold area on all 3 time frames (hourly, 4h, daily) so watch out for a minor upside risks.

GBPUSD Daily Supports and Resistances:

• S1= 1.7422
• S2= 1.7350
• S3= 1.7223
• R1= 1.7621
• R2= 1.7748
• R3= 1.7820

USDJPY Outlook
The Japanese Yen was also slumped against Greenback yesterday. The pair topped at 107.93 and closed at 107.77. We have a new bullish channel on hourly chart. My model is mixed with upside bias. Immediate support is seen at 107.30 followed by 106.95. Initial resistance at 108.15 followed by 108.50. CCI just cross 100 line down on 4h chart so watch out for a minor downside risks.

USDJPY Daily Supports and Resistances:

• S1= 106.93
• S2= 106.09
• S3= 105.59
• R1= 108.27
• R2= 108.77
• R3= 109.61

USDCHF Outlook
The USDCHF continued it’s bullish momentum yesterday. The pair topped at 1.1395 and closed at 1.1387. We have a valid bullish channel on hourly chart. My model goes long targeting 1.1480. Immediate support is seen at 1.1360. CCI in overbought area on all 3 time frames (hourly, 4h, daily) so watch out for downside risks.

USDCHF Daily Supports and Resistances:

• S1= 1.1287
• S2= 1.1187
• S3= 1.1133
• R1= 1.1441
• R2= 1.1495
• R3= 1.1595

Have a great day!