Mon, 06th of October, 2008
By Setyo Wibowo
EURUSD Outlook
The EURUSD didn’t make a significant movement on Friday. Worse than expected US NFP data help the pair corrected to the upside, topped at 1.3908 but further bullish correction was rejected as the pair closed lower at 1.3772. This fact keep the current bearish scenario intact. My model remain short targeting 1.3530. Only a break to the upside of 1.3872 resistance level could change the direction into neutral area. CCI in oversold area in all 3 time frames (hourly, 4h, daily) suggesting a potential upside correction testing 1.3719 and 1.3784 resistance levels.
EURUSD Daily Supports and Resistances:
- S1= 1.3679
- S2= 1.3586
- S3= 1.3472
- R1= 1.3886
- R2= 1.4000
- R3= 1.4093
GBPUSD Outlook
The GBPUSD recovered on Friday. The pair topped at 1.7839 but further bullish momentum was rejected as the pair closed lower at 1.7718. Early today in Asian session the pair was traded lower around 1.7650 area at the time I wrote this comment. My model remains short targeting 1.7551 then 1.7451. Immediate resistance is seen at 1.7710. CCI in neutral area on daily chart.
GBPUSD Daily Supports and Resistances:
- S1= 1.7569
- S2= 1.7421
- S3= 1.7286
- R1= 1.7852
- R2= 1.7987
- R3= 1.8135
USDJPY Outlook
The USDJPY made indecisive movement by opened and closed at almost the same price (105.36 and 105.34). Early today in Asian session the pair was traded lower around 104.50 area. My model remains mixed with downside bias. Immediate resistance is seen at 105.20. Initial support at 104.10 followed by 103.50. CCI about to cross -100 line down on daily chart suggesting a bearish view.
USDJPY Daily Supports and Resistances:
- S1= 104.50
- S2= 103.67
- S3= 102.85
- R1= 106.15
- R2= 106.97
- R3= 107.80
USDCHF Outlook
The USDCHF was corrected lower on Friday. The pair bottomed at 1.1215 and closed at 1.1283. Early today in Asian market the pair was traded around 1.1323 at the time I wrote this comment. My model is mixed with neutral bias. Immediate resistance is seen at 1.1412. Initial support at 1.1250 followed by 1.1215 (Friday’s low). CCI in neutral area on 4h chart.
USDCHF Daily Supports and Resistances:
- S1= 1.1198
- S2= 1.1113
- S3= 1.1012
- R1= 1.1384
- R2= 1.1485
- R3= 1.1570
Have a great day!