Thu, 27th of November, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After gain some bullish momentum since Friday, yesterday the EURUSD corrected lower. The pair bottomed at 1.2819 and closed at 1.2878. This fact force my model to mixed with neutral bias. Although this might be just a minor downside correction of the current short term bullish momentum targeting 1.3200 area, CCI already in overbought area and about to cross 100 line down on daily chart suggesting a potential downside pressures. Immediate support is seen at 1.2836 followed by 1.2750. Initial resistance at 1.2930. A break to the upside from that resistance level could trigger further bullish momentum back towards 1.3050 area.

EURUSD Daily Supports and Resistances:

• S1= 1.2779
• S2= 1.2680
• S3= 1.2541
• R1= 1.3017
• R2= 1.3156
• R3= 1.3255

GBPUSD Outlook
The GBPUSD was traded lower yesterday. The pair bottomed at 1.5177 but closed higher at 1.5342. We still have a valid bullish channel on 4h chart. The bias is still on the upside. Immediate support is seen at 1.5320 followed by 1.5220. Initial resistance at 1.5440 followed by 1.5530. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.5194
• S2= 1.5046
• S3= 1.4916
• R1= 1.5472
• R2= 1.5602
• R3= 1.5750

USDJPY Outlook
The USDJPY made indecisive movement by open and closed at almost the same price (95.33 and 95.40). My model remains mixed with downside bias. Immediate support is seen at 94.50. Initial resistance 95.93 (yesterday’s high). CCI in neutral area and heading down both on hourly chart and 4h chart suggesting a potential downside pressures.

USDJPY Daily Supports and Resistances:

• S1= 94.71
• S2= 94.03
• S3= 93.42
• R1= 96.00
• R2= 96.61
• R3= 97.29

USDCHF Outlook
After had some bullish momentum since Monday, Yesterday the USDCHF was traded higher. The pair topped at 1.2077 and closed at 1.2019. However early today in Asian session the pair was traded lower around 1.1995 at the time I wrote this comment. This fact force my model to mixed with neutral bias. Immediate support is seen at 1.1935. Initial resistance at 1.2077 (yesterday’s high). CCI in neutral area on 4h chart.

USDCHF Daily Supports and Resistances:

• S1= 1.1880
• S2= 1.1741
• S3= 1.1643
• R1= 1.2117
• R2= 1.2215
• R3= 1.2354

Have a great day!