Mon, 08th of September, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Friday the bearish momentum of EURUSD was rejected. The pair bottomed at 1.4196 before whipsawed to the upside, hit the high of the day at 1.4348 and closed at 1.4267. From a long term bullish view of Fibonacci study, this fact is a rejection of 23.6% Fibonacci retracement support line of 0.8225 to 1.6038 bullish movement, at 1.4213 area (chart #1). Early today in Asian market the pair continue it’s bullish movement, traded around 1.4425 at the time I wrote this comment. My model is mixed with upside bias. Should this bullish correction continue, the pair is targeting 1.4543 resistance level (chart #2). Initial support at 1.4278.

Chart #1

Chart #2

EURUSD Daily Supports and Resistances:

• S1= 1.4192
• S2= 1.4118
• S3= 1.4040
• R1= 1.4344
• R2= 1.4422
• R3= 1.4496

GBPUSD Outlook
The Sterling also recovered against Greenback on Friday and continue pushing higher early today in Asian market, traded around 1.7950 at the time I wrote this comment. My model is mixed with upside bias. Immediate resistance is seen at 1.8015 area. Initial support at 1.7828 followed by 1.7770. CCI just cross -100 line on daily chart suggesting a bullish view.

GBPUSD Daily Supports and Resistances:

• S1= 1.7554
• S2= 1.7445
• S3= 1.7350
• R1= 1.7758
• R2= 1.7853
• R3= 1.7962

USDJPY Outlook
The USDJPY was traded higher on Friday. The pair topped and closed at 107.73. The bearish channel on hourly chart is violated to the upside. My model goes mixed with upside bias. Immediate resistance is seen at 109.30 followed by 109.70. Initial support at 107.67. CCI just cross -100 line up on daily chart suggesting a bullish view.

USDJPY Daily Supports and Resistances:

• S1= 106.25
• S2= 104.78
• S3= 104.04
• R1= 108.46
• R2= 109.20
• R3= 110.67

USDCHF Outlook
The Greenback continued it’s positive momentum against Swiss Franc on Friday. The pair topped at 1.1191 and closed at 1.1187. However the pair was traded lower early today in Asian market, around 1.1147 at the time I wrote this comment. My model goes mixed with downside bias as the current negative Dollar sentiment has a good probability to continue and drive the pair lower. Immediate resistance is seen at 1.1230. Initial support at 1.1134 followed by 1.1085. CCI just cross 100 line down on 4h chart suggesting a bearish view.

USDCHF Daily Supports and Resistances:

• S1= 1.1104
• S2= 1.1021
• S3= 1.0978
• R1= 1.1230
• R2= 1.1273
• R3= 1.1356

Have a great day!