A new high for EURUSD?

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After maintain to move above 1.5350 support area yesterday, the bullish momentum for EURUSD seems unstoppable. I am expecting that today we could see the price reach 1.5904 (17/03/2008 high), or even find a new high. Immediate support is seen at 1.5558 (23.6 % Fibonacci retracement from 1.4450 to 1.9504).

EURUSD Daily Supports and Resistances:

• S1= 1.5665
• S2= 1.5487
• S3= 1.5390
• R1= 1.5940
• R2= 1.6037
• R3= 1.6215

GBPUSD Outlook
Although Sterling’s bullish momentum as not as strong as EURUSD, I believe the GBPUSD is still going up as long as the pair maintain to move above 1.9989 area ( 61.8 % Fibonacci retracement from 1.9336 to 2.397). The nearest target is 2.0152 then 2.0204 area.

GBPUSD Supports and Resistances:

• S1= 1.9964
• S2= 1.9853
• S3= 1.9780
• R1= 2.0148
• R2= 2.0221
• R3= 2.0332

USDJPY Outlook
After failed to maintain moving above 100.63 resistance level, we can see 2 bearish candle for the last 2 days. Very bearish scenario in my point of view. I expect the USDJPY to able to move below 99.77 area to keep this strong bullish momentum, targeting 97.66 (19/03/2008 low) before aiming for 95.73 level.

USDJPY Daily Supports and Resistances:

• S1= 98.45
• S2= 97.93
• S3= 96.99
• R1= 99.91
• R2= 100.80
• R3= 101.37

USDCHF Outlook
The Swiss Franc were able to maintain below 0.9988 yesterday, and closed at 0.9987. Technically speaking, USDCHF is strongly moving toward 0.9786 (18/03/2008 low) and then 0.9644 area.

USDCHF Daily Support and Resistances:

• S1= 0.9807
• S2= 0.9727
• S3= 0.9574
• R1= 1.0040
• R2= 1.0193
• R3= 1.0273