FxInstructor
10-02-2008, 09:30 PM
EURUSD Outlook
Yesterday the EURUSD hit my short target at 1.3880, even further, bottomed at 1.3746 and closed at 1.3808. From a longer term view on weekly chart, this fact should open the door for a further bearish scenario towards 1.3326 area (61.8 % Fibonacci retracement from 1.1639 to 1.6038). After failed to maintain bullish momentum, CCI now just cross -100 line down on weekly chart suggesting a bearish view. My model remains short targeting 1.3680. CCI in oversold area on 4h chart and heading up towards -100 line suggesting a potential upside correction testing 1.3870 and 1.3920 resistance levels. Eyes on US NFP data today.
http://i34.tinypic.com/25k7s4p.jpg
EURUSD Daily Supports and Resistances:
S1= 1.3689
S2= 1.3578
S3= 1.3411
R1= 1.3967
R2= 1.4134
R3= 1.4245
GBPUSD Outlook
The GBPUSD continued it's bearish momentum yesterday but with less power than I had expected. The pair bottomed at 1.7549 (19 pips higher from my short target) and closed at 1.7624. My model remains short still targeting 1.7530 and 1.7460 area. CCI just cross -100 line up on 4h chart suggesting a potential upside correction testing 1.7725 and 1.7770 resistance levels. Eyes on US NFP data today.
http://i33.tinypic.com/3355hk0.jpg
GBPUSD Daily Supports and Resistances:
S1= 1.7540
S2= 1.7456
S3= 1.7364
R1= 1.7716
R2= 1.7808
R3= 1.7892
USDJPY Outlook
The USDJPY was traded lower yesterday. The pair bottomed at 105.09 and closed at 105.34. This fact keep the bearish scenario intact. My model is mixed with downside bias. Immediate resistance is seen at 105.40. Initial support at 104.50. CCI heading down towards -100 line on daily chart.
USDJPY Daily Supports and Resistances:
S1= 104.86
S2= 104.38
S3= 103.67
R1= 106.05
R2= 106.76
R3= 107.24
USDCHF Outlook
Yesterday the USDCHF hit my long target at 1.1360, even further topped at 1.1412 and closed at 1.1370. However the pair was corrected lower early today in Asian session, traded around 1.1300 at the time I wrote this comment. My model is mixed with downside bias. Initial resistance at 1.1412 (yesterday's high). CCI just cross 100 line down on 4h chart suggesting a potential downside correction testing 1.1250 and 1.1200 support levels.
USDCHF Daily Supports and Resistances:
S1= 1.1274
S2= 1.1179
S3= 1.1110
R1= 1.1438
R2= 1.1507
R3= 1.1602
Have a great weekend!
Yesterday the EURUSD hit my short target at 1.3880, even further, bottomed at 1.3746 and closed at 1.3808. From a longer term view on weekly chart, this fact should open the door for a further bearish scenario towards 1.3326 area (61.8 % Fibonacci retracement from 1.1639 to 1.6038). After failed to maintain bullish momentum, CCI now just cross -100 line down on weekly chart suggesting a bearish view. My model remains short targeting 1.3680. CCI in oversold area on 4h chart and heading up towards -100 line suggesting a potential upside correction testing 1.3870 and 1.3920 resistance levels. Eyes on US NFP data today.
http://i34.tinypic.com/25k7s4p.jpg
EURUSD Daily Supports and Resistances:
S1= 1.3689
S2= 1.3578
S3= 1.3411
R1= 1.3967
R2= 1.4134
R3= 1.4245
GBPUSD Outlook
The GBPUSD continued it's bearish momentum yesterday but with less power than I had expected. The pair bottomed at 1.7549 (19 pips higher from my short target) and closed at 1.7624. My model remains short still targeting 1.7530 and 1.7460 area. CCI just cross -100 line up on 4h chart suggesting a potential upside correction testing 1.7725 and 1.7770 resistance levels. Eyes on US NFP data today.
http://i33.tinypic.com/3355hk0.jpg
GBPUSD Daily Supports and Resistances:
S1= 1.7540
S2= 1.7456
S3= 1.7364
R1= 1.7716
R2= 1.7808
R3= 1.7892
USDJPY Outlook
The USDJPY was traded lower yesterday. The pair bottomed at 105.09 and closed at 105.34. This fact keep the bearish scenario intact. My model is mixed with downside bias. Immediate resistance is seen at 105.40. Initial support at 104.50. CCI heading down towards -100 line on daily chart.
USDJPY Daily Supports and Resistances:
S1= 104.86
S2= 104.38
S3= 103.67
R1= 106.05
R2= 106.76
R3= 107.24
USDCHF Outlook
Yesterday the USDCHF hit my long target at 1.1360, even further topped at 1.1412 and closed at 1.1370. However the pair was corrected lower early today in Asian session, traded around 1.1300 at the time I wrote this comment. My model is mixed with downside bias. Initial resistance at 1.1412 (yesterday's high). CCI just cross 100 line down on 4h chart suggesting a potential downside correction testing 1.1250 and 1.1200 support levels.
USDCHF Daily Supports and Resistances:
S1= 1.1274
S2= 1.1179
S3= 1.1110
R1= 1.1438
R2= 1.1507
R3= 1.1602
Have a great weekend!