April 08 Market Commentary

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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Tue, 08th of April, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday, EURUSD was traded a little bit weaker against US Dollar, bottomed at 1.5626. But further downside movement were rejected since the pair closed stronger at 1.5715. Today I am expecting another upside attempt toward 1.5800 area before retesting all time high at 1.5904.

EURUSD Daily Supports and Resistances:

• S1= 1.5648
• S2= 1.5582
• S3= 1.5538
• R1= 1.5758
• R2= 1.5802
• R3= 1.5868

GBPUSD Outlook
My model is still bearish for GBPUSD. Immediate support seen at 1.9870 area followed by 1.9830. Initial resistance at 1.9950. On the daily chart, CCI is in the neutral area.

GBP Daily Supports and Resistances:

• S1= 1.9833
• S2= 1.9779
• S3= 1.9726
• R1= 1.9940
• R2= 1.9993
• R3= 2.0047

USDJPY Outlook
Yesterday the USDJPY was able to sustained the upside, top at 102.85 and closed above 102.23 (50%  Fibonacci retracement from 108.60 to 95.73). Today we might see another further upside attempt toward key level 103.66. CCI is still in overbought area and about to cross down psychological 100 line on the daily chart so a downside correctional move will not surprise me. Immediate support at 101.50

USDJPY Daily Supports and Resistances:

• S1= 101.61
• S2= 100.90
• S3= 100.28
• R1= 102.94
• R2= 103.56
• R3= 104.27

USDCHF Outlook
Yesterday the Swiss Franc still unable to make a break out from ranging market between 1.0197 and 0.9988. I am still expecting the USDCHF to make a downside break out. My short/medium scenario is still in bearish mode.

USDCHF Daily Supports and Resistances:

• S1= 1.0060
• S2= 0.9998
• S3= 0.9943
• R1= 1.0177
• R2= 1.0232
• R3= 1.0294