April 21 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

Mon, 21th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After made a new all time high at 1.5983 on 17/04/2008, EURUSD corrected broadly on Friday (18/04/2008), bottomed at 1.5710. My model is mixed with upside bias. The pair should stay above 1.5750 area to keep bullish scenario intact. Initial resistance at 1.5880. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5698
• S2= 1.5581
• S3= 1.5452
• R1= 1.5944
• R2= 1.6073
• R3= 1.6190

GBPUSD Outlook
After broke trend line on daily chart, the Sterling touched my 61.8 % Fibonacci retracement (from 1.9336 to 2.0397 ) target at 1.9990 area. Today, the pair need to stay and close above that level to confirm short/medium bullish trend. However, CCI is already at overbought area. Strong support seen at 1.9928. Initial resistance at 2.0050.

GBPUSD Daily Supports and Resistances:

• S1= 1.9907
• S2= 1.9836
• S3= 1.9791
• R1= 2.0023
• R2= 2.0068
• R3= 2.0139

USDJPY Outlook
The USDJPY also reached my 61.8 % Fibonacci retracement (from 108.60 to 95.73) target at 103.66 even much further, topped at 104.64 on Friday. My model is long, targeting 105.30. Immediate support at 103.00.

USDJPY Daily Supports and Resistances:

• S1= 102.40
• S2= 101.13
• S3= 100.01
• R1= 104.79
• R2= 105.91
• R3= 107.18

USDCHF Outlook
The Swiss Franc moved in ranging market between 1.0200 and 0.9984 area last week. My model for USDCHF is mixed with downside bias since CCI already in oversold area in daily chart. Immediate resistance seen at 1.0250. Initial support at 1.0080 area.

USDCHF Daily Supports and Resistances:

• S1= 1.0050
• S2=0.9920
• S3= 0.9803
• R1= 1.0297
• R2= 1.0414
• R3= 1.0544