After a reversal last week, US Dollar weak trend continues

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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EURUSD Outlook

It looks like the support level at 1.5350 (38.2 % Fibonacci retracement from 1.4450 to 1.9504) is strong enough to stop USD stronger reversal and continuing EURUSD bullish trend. EURUSD is now finding new immediate support around 1.5560-70 area (23.6% Fibonacci retracement and 13/03/2008 high) targeting 1.5904 again.

EURUSD Daily Supports and Resistances

• S1= 1.5470
• S2= 1.5313
• S3= 1.5219
• R1= 1.5721
• R2= 1.5815
• R3= 1.5972

GBPUSD Outlook

After strengthen and break 1.9989 level (61.8% Fibonacci retracement from 1.9336 to 2.0397), the Cable is now in strong bullish momentum. The nearest target is 2.0152 (19/03/2008 high) which I expect could be touched today.

GBP Daily Supports and Resistances

• S1= 1.9907
• S2= 1.9767
• S3= 1.9688
• R1= 2.0126
• R2= 2.0205
• R3= 2.0345

USDJPY Outlook

The USDJPY break the 100.63 resistance area (38.2% Fibonacci retracement from 108.60 to 95.73) yesterday, but close down below at 99.98. I expect this to be a trigger for continuing the overall bearish scenario targeting 98.77 (23.6 %Fibonacci retracement) and then 95.73 (17/03/2008 low)

USDJPY Supports and Resistances

• S1= 99.39
• S2= 98.80
• S3= 97.99
• R1= 100.79
• R2= 101.60
• R3= 102.19

USDCHF Outlook

Like the other major pairs, I expect the USDCHF back to it’s major trend, bearish. Yesterday the Swiss Franc failed to maintain moving above 1.0197 area (38.2% Fibonacci retracement from 1.1096 to 0.9636). I expect it to reach and maintain below 0.9988 area ( 23.6 % Fibonacci retracement) today to keep it in bearish momentum.

USDCHF Daily Supports and Resistances

• S1= 1.0061
• S2= 1.0058
• S3= 1.0078
• R1= 1.0044
• R2= 1.0024
• R3= 1.0027