FxInstructor
10-01-2008, 10:34 PM
EURUSD Outlook
The EURUSD continued it's bearish momentum yesterday. The pair bottomed at 1.3974 and closed at 1.4008. My model remains short targeting 1.3880 area. CCI already in oversold area and about to cross -100 line up on 4h chart suggesting a potential bullish correction testing 1.4045 and 1.4075 resistance levels. CCI about to cross -100 line down on daily chart, suggesting a bearish view.
http://i34.tinypic.com/210eqz6.jpg
EURUSD Daily Supports and Resistances:
S1= 1.3930
S2= 1.3852
S3= 1.3730
R1= 1.4130
R2= 1.4252
R3= 1.4330
GBPUSD Outlook
The GBPUSD also continued it's bearish momentum yesterday. The pair bottomed at 1.7633 and closed at 1.7704. My model remains short targeting 1.7530 then 1.7460 area. CCI in oversold area on 4h chart and about to cross -100 line up suggesting a potential bullish correction testing 1.7770 resistance level.
http://i38.tinypic.com/jl6ybt.jpg
GBPUSD Daily Supports and Resistances:
S1= 1.7600
S2= 1.7497
S3= 1.7361
R1= 1.7839
R2= 1.7975
R3= 1.8078
USDJPY Outlook
The USDJPY didn't make a significant movement yesterday. From a longer term point of view, the pair is still in downtrend scenario showed by bearish trend line on daily chart. My model is mixed with neutral bias. Immediate resistance is seen at 106.50. Initial support at 105.30. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
S1= 105.25
S2= 104.68
S3= 104.05
R1= 106.45
R2= 107.08
R3= 107.65
USDCHF Outlook
The USDCHF continued it's bullish momentum yesterday. The pair topped at 1.1291 and closed at 1.1256. My model remains long targeting 1.1360. CCI in overbought area on 4h chart and about to cross 100 line down suggesting a potential bearish correction testing 1.1200 and 1.1150 support levels.
USDCHF Daily Supports and Resistances:
S1= 1.1169
S2= 1.1082
S3= 1.1021
R1= 1.1317
R2= 1.1378
R3= 1.1465
Have a great day!
The EURUSD continued it's bearish momentum yesterday. The pair bottomed at 1.3974 and closed at 1.4008. My model remains short targeting 1.3880 area. CCI already in oversold area and about to cross -100 line up on 4h chart suggesting a potential bullish correction testing 1.4045 and 1.4075 resistance levels. CCI about to cross -100 line down on daily chart, suggesting a bearish view.
http://i34.tinypic.com/210eqz6.jpg
EURUSD Daily Supports and Resistances:
S1= 1.3930
S2= 1.3852
S3= 1.3730
R1= 1.4130
R2= 1.4252
R3= 1.4330
GBPUSD Outlook
The GBPUSD also continued it's bearish momentum yesterday. The pair bottomed at 1.7633 and closed at 1.7704. My model remains short targeting 1.7530 then 1.7460 area. CCI in oversold area on 4h chart and about to cross -100 line up suggesting a potential bullish correction testing 1.7770 resistance level.
http://i38.tinypic.com/jl6ybt.jpg
GBPUSD Daily Supports and Resistances:
S1= 1.7600
S2= 1.7497
S3= 1.7361
R1= 1.7839
R2= 1.7975
R3= 1.8078
USDJPY Outlook
The USDJPY didn't make a significant movement yesterday. From a longer term point of view, the pair is still in downtrend scenario showed by bearish trend line on daily chart. My model is mixed with neutral bias. Immediate resistance is seen at 106.50. Initial support at 105.30. CCI in neutral area on daily chart.
USDJPY Daily Supports and Resistances:
S1= 105.25
S2= 104.68
S3= 104.05
R1= 106.45
R2= 107.08
R3= 107.65
USDCHF Outlook
The USDCHF continued it's bullish momentum yesterday. The pair topped at 1.1291 and closed at 1.1256. My model remains long targeting 1.1360. CCI in overbought area on 4h chart and about to cross 100 line down suggesting a potential bearish correction testing 1.1200 and 1.1150 support levels.
USDCHF Daily Supports and Resistances:
S1= 1.1169
S2= 1.1082
S3= 1.1021
R1= 1.1317
R2= 1.1378
R3= 1.1465
Have a great day!