Wed, 26th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD continued it’s bullish momentum yesterday. The pair topped at 1.3080 and closed at 1.3056. This significant bullish momentum could trigger a change of trend direction. From a longer term perspective from weekly chart, the pair is forming a long bullish candlestick and CCI just cross -100 line up suggesting a potential bullish scenario at least for this week (and probably several weeks ahead).  Immediate support is seen at 1.2925. Initial resistance at 1.3200 followed by 1.3300.

EURUSD Daily Supports and Resistances:

• S1= 1.2880
• S2= 1.2704
• S3= 1.2604
• R1= 1.3156
• R2= 1.3256
• R3= 1.3432

GBPUSD Outlook
The GBPUSD continued it’s bullish momentum yesterday. After break key level 1.5264, the pair topped at 1.5534 and closed at 1.5456. We have 3 bullish candlestick with higher high and higher low for the past 3 days suggesting that the pair is in strong bullish momentum. The bias is on the upside, targeting 1.5686 area. Immediate support is seen at 1.5325 followed by 1.5259. CCI in oversold area and heading up on weekly chart suggesting a potential upside pressures.

GBPUSD Daily Supports and Resistances:

• S1= 1.5114
• S2= 1.4772
• S3= 1.4562
• R1= 1.5666
• R2= 1.5876
• R3= 1.6218

USDJPY Outlook
After corrected to the upside in Friday and Monday, the USDJPY continued it’s bearish scenario yesterday. The pair bottomed at 94.94 and closed at 95.29. My model goes mixed with downside bias. Immediate resistance is seen at 95.50. Initial support at 94.50. CCI in neutral area and heading down in 4h chart.

USDJPY Daily Supports and Resistances:

• S1= 94.46
• S2= 93.63
• S3= 92.33
• R1= 96.59
• R2= 97.89
• R3= 98.72

USDCHF Outlook
The USDCHF continued it’s bearish correction yesterday. The pair bottomed at 1.1828 and closed at 1.1838. This fact could trigger further bearish momentum targeting 1.1700 area. However CCI already in oversold area and heading up on 4h chart so watch out for a minor upside pressures. Immediate resistance is seen at 1.1920.

USDCHF Daily Supports and Resistances:

• S1= 1.1757
• S2= 1.1676
• S3= 1.1524
• R1= 1.1990
• R2= 1.2142
• R3= 1.2223

Have a great day!