Mon, 13th of October, 2008
By Setyo Wibowo
EURUSD Outlook
The EURUSD continued it’s bearish momentum on Friday. The pair bottomed at 1.3258 but corrected higher, closed at 1.3399. Early today in Asian session we have 171 pips gap as the pair opened higher at 1.3570. The key level at this phase is 1.3625 resistance. A break to the upside could trigger further bullish scenario testing 1.3760 and 1.3863 resistances while a failure should trigger another bearish momentum. Initial support is seen at 1.3450 followed by 1.3338. CCI just cross the -100 line up on daily chart suggesting a potential upside correction.
EURUSD Daily Supports and Resistances:
- S1= 1.3220
- S2= 1.3041
- S3= 1.2825
- R1= 1.3615
- R2= 1.3831
- R3= 1.4010
GBPUSD Outlook
Friday the GBPUSD attempted to push lower. After break the psychological support level at 1.7000, the pair bottomed at 1.6775, but closed higher at 1.7040. The bias is still on the downside. Immediate resistance is seen at 1.7180 followed by 1.7230. Initial support at 1.7000 followed by 1.6900. CCI in oversold area and heading up on daily chart so we might have another upside correction attempt.
GBPUSD Daily Supports and Resistances:
- S1= 1.6817
- S2= 1.6594
- S3= 1.6414
- R1= 1.7220
- R2= 1.7400
- R3= 1.7623
USDJPY Outlook
The USDJPY was corrected higher on Friday. The pair topped at 100.74 and closed at 100.67. We have a new bullish channel on hourly chart. As long as the channel is not violated to the downside, we might have a further upside correction scenario. Immediate support is seen at 99.90. A break to the downside from that support level could trigger further bearish momentum towards 98.50 area. Initial resistance at 101.50. CCI in neutral area on 4h chart.
USDJPY Daily Supports and Resistances:
- S1= 98.80
- S2= 96.94
- S3= 95.97
- R1= 101.63
- R2= 102.60
- R3= 104.46
USDCHF Outlook
Friday, the USDCHF attempted to push lower, bottomed at 1.1127 but further bearish correction was rejected as the pair whipsawed to the upside, topped at 1.1408 and closed at 1.1384. Early today in Asian session the pair was corrected lower, traded around 1.1315 at the time I wrote this comment. My model is mixed with neutral bias. Immediate resistance is seen at 1.1412. Initial support at 1.1227. CCI in neutral area on daily chart.
USDCHF Daily Supports and Resistances:
- S1= 1.1204
- S2= 1.1025
- S3= 1.0923
- R1= 1.1485
- R2= 1.1587
- R3= 1.1766
Have a great day!