April 17 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.

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Thur, 17th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD broke triple top resistance area, 1.5904, and set new all time high at 1.5978. Technically speaking, in the big picture, the pair is now chasing Fibonacci  Expansion projection at 1.6250 area. On the daily chart, CCI already in overbought area so watch out for a downside retracement today. Immediate support at 1.5904. Nearest Resistance at 1.6058

EURUSD Daily Supports and Resistances:

• S1= 1.5808
• S2= 1.5674
• S3= 1.5589
• R1= 1.6027
• R2= 1.6112
• R3= 1.6246

GBPUSD Outlook
The Sterling recovered versus Dollar yesterday, but my model for GBPUSD is still short. Immediate resistance at 1.9765 area, followed by 1.9850. Initial support at 1.9680, followed by 1.9620. CCI has cross – 100 level up, so another minor upside pullback might be happen today.

GBPUSD Daily Supports and Resistances:

• S1= 1.9613
• S2= 1.9504
• S3= 1.9408
• R1= 1.9818
• R2= 1.9914
• R3= 2.0023

USDJPY Outlook
The USDJPY tried to go lower yesterday bottomed at 100.82, but the Dollar recovered broadly and USDJPY closed at 101.77. On the daily chart, CCI in neutral area, but on the 4h chart, CCI already in overbought area and about to cross 100 line down. We might have a choppy market today. My model is mixed with downside bias. Immediate resistance seen at 102.30. Initial support at 101.25

USDJPY Daily Supports and Resistances:

• S1= 101.08
• S2= 100.39
• S3=   99.97
• R1= 102.19
• R2= 102.61
• R3= 103.30

USDCHF Outlook
Following the Euro, the Swiss Franc was traded stronger yesterday. My model for USDCHF is short targeting 0.9862. Immediate resistance at 1.0030 area. CCI about to cross 100 line down on the daily chart.

USDCHF Daily Supports and Resistances:

S1= 0.9921
S2= 0.9843
S3= 0.9748
R1= 1.0094
R2= 1.0189
R3= 1.0267