April 22 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

Tue, 22th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday, the EURUSD continued it’s bullish momentum after corrected on Friday. My model is long, targeting psychological 1.6000 area. Immediate support seen at 1.5860 followed by 1.5790. CCI in overbought area on daily chart, so another minor downside pullback might be happened today.

EURUSD Daily Supports and Resistances:

• S1= 1.5816
• S2= 1.5725
• S3= 1.5660
• R1= 1.5972
• R2= 1.6037
• R3= 1.6128

GBPUSD Outlook
The Sterling slumped broadly against Dollar yesterday, bottomed at 1.9776 and closed at 1.9791. This fact force my model to mixed for GBPUSD, but still with upside bias. The key level is 1.9740. Initial resistance at 1.9900. CCI in neutral area.

GBPUSD Daily Supports and Resistances:

• S1= 1.9702
• S2= 1.9614
• S3= 1.9452
• R1= 1.9952
• R2= 2.0114
• R3= 2.0202

USDJPY Outlook
The USDJPY failed to maintain bullish momentum yesterday, bottomed at 102.98 and closed 103.24. My model is mixed with downside bias since CCI already in overbought area and about to cross 100 line down on daily chart. Immediate resistance at 103.75. Initial support at 102.70.

USDJPY Daily Supports and Resistances:

• S1= 102.79
• S2= 102.34
• S3= 101.71
• R1= 103.87
• R2= 104.50
• R3= 104.95

USDCHF Outlook
The Swiss Franc was traded stronger against Dollar yesterday but still moved between ranging area (1.0200 and 0.9984). My model is short, so I am expecting a downside break out from the ranging area. CCI in neutral zone on daily chart

USDCHF Daily Supports and Resistances:

• S1= 1.0030
• S2= 0.9975
• S3= 0.9888
• R1= 1.0172
• R2= 1.0259
• R3= 1.0314