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Tue, 30th of September, 2008
By Setyo Wibowo

EURUSD Outlook
The EURUSD was traded lower yesterday. The pair bottomed at 1.4302 but closed higher at 1.4416. The bullish channel on 4h chart is violated to the downside. My model remains mixed with downside bias. However the pair need to stay below 1.4467 level to keep the bearish scenario intact. A failure to do so could trigger further bullish momentum. Immediate resistance is seen at 1.4430 (former support). Initial support at 1.4302 (yesterday’s low) followed by 1.4250. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.4288
• S2= 1.4160
• S3= 1.4018
• R1= 1.4558
• R2= 1.4700
• R3= 1.4828

GBPUSD Outlook
Yesterday GBPUSD hit my short targets at 1.8230 and 1.8135, even further, bottomed at 1.7958 and closed at 1.8041. My model remains short targeting 1.7913. Immediate resistance is seen at 1.8060 followed by 1.8125. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.7885
• S2= 1.7730
• S3= 1.7502
• R1= 1.8268
• R2= 1.8496
• R3= 1.8651

USDJPY Outlook
The Greenback slumped against Japanese Yen yesterday. The pair bottomed at 103.96 and closed at 103.98. My model is mixed with downside bias. Initial support at 103.50 followed by 102.60. CCI just cross -100 line up on hourly chart suggesting a potential bullish correction testing 104.50 and 104.90 resistance areas.

USDJPY Daily Supports and Resistances:

• S1= 102.97
• S2= 101.96
• S3=  99.97
• R1= 105.97
• R2= 107.96
• R3= 108.97

USDCHF Outlook
Yesterday further bullish momentum of USDCHF was rejected. The pair attempted to push higher, topped at 1.1085 but whipsawed to the downside, bottomed at 1.0801 and closed at 1.0899. However my model remains mixed with upside bias. Immediate support is seen at 1.0885 followed by 1.0830. Initial resistance at 1.1030 followed by 1.0785 (yesterday’s high). CCI just cross -100 line up on daily chart suggesting a potential bullish view.

USDCHF Daily Supports and Resistances:

• S1= 1.0771
• S2= 1.0644
• S3= 1.0487
• R1= 1.1055
• R2= 1.1212
• R3= 1.1339

Have a great day!