April 16 market commentary and technical levels

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.

About Me My Articles

Wed, 16th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday, the Greenback recovered against Euro. EURUSD bottomed at 1.5752 and closed at 1.5786. This fact give me a mixed short term outlook on EURUSD, but the mid/long trend still very bullish. Immediate support at 1.5740 followed by key level 1.5700 area.

EURUSD Daily Supports and Resistances:

• S1= 1.5734
• S2= 1.5682
• S3= 1.5612
• R1= 1.5856
• R2= 1.5926
• R3= 1.5978

GBPUSD Outlook
The Sterling can not maintain Monday’s gain against Dollar. GBPUSD suffered huge lost yesterday, bottomed at 1.9599. My model is short, and the pair will test the 1.9584 support level (23.6% Fibonacci retracement from 1.9336 to 2.0397). But some minor retracement might be happen today, since on the daily chart CCI already in oversold area.

GBPUSD Daily Supports and Resistances:

• S1= 1.9562
• S2= 1.9497
• S3= 1.9395
• R1= 1.9729
• R2= 1.9831
• R3= 1.9896

USDJPY Outlook
The Dollar recovered versus the Japanese Yen yesterday. My short term model for USDJPY remained mixed with upside bias. The key level today is 102.15. An upside break out from that level will bring the pair to make another test to 103.66 area. Immediate support seen at 101.35 area.

USDJPY Daily Supports and Resistances:

• S1= 100.12
• S2= 100.41
• S3= 100.03
• R1= 102.21
• R2= 102.59
• R3= 103.30

USDCHF Outlook
The Swiss Franc rallied convincingly against Dollar yesterday. USDCHF topped at 1.0086 and closed at 1.0068. My model is mixed with upside bias. Immediate support at 1.0015. Initial resistance is seen at 1.0140.

USDCHF Daily Supports and Resistances:

• S1= 0.9986
• S2= 0.9905
• S3= 0.9855
• R1= 1.0117
• R2= 1.0167
• R3= 1.0248