April 24 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

Thu, 24th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The market rejected EURUSD attempt to go higher yesterday. The Euro suffered big losses, bottomed at 1.5859 and closed at 1.5882. This fact force my short term model to mixed with downside bias. As long as the pair stay above 1.5780, we might see another attempt to 1.6250 area. If not, EURUSD might corrected further to 1.5640 area. Immediate support at 1.5830

EURUSD Daily Supports and Resistances:

• S1= 1.5828
• S2= 1.5774
• S3= 1.5689
• R1= 1.5967
• R2= 1.6052
• R3= 1.6106

GBPUSD Outlook
The Sterling also suffered big losses against Dollar yesterday. Like EURUSD, GBPUSD is also technically a mess. My model is mixed. Immediate support and key level seen at 1.9740. A break lower from that level could trigger further downside risk.  Initial resistance at 1.9867.

GBPUSD Daily Supports and Resistances:

• S1= 1.9716
• S2= 1.9643
• S3= 1.9515
• R1= 1.9917
• R2= 2.0045
• R3= 2.0118

USDJPY Outlook
The Dollar recovered against Japanese Yen yesterday. This keep my bullish medium term intact for USDJPY. My model goes long. Immediate support at 103.35 followed by 102.80. Initial resistance seen at 104.00.

USDJPY Daily Supports and Resistances:

• S1= 102.87
• S2= 102.29
• S3= 101.84
• R1= 103.90
• R2= 104.35
• R3= 104.93

USDCHF Outlook
The Swiss Franc was traded weaker against Dollar yesterday. CCI just cross 100 line up on daily chart, force my model to mixed with upside bias. Eyes on co-relation with EURUSD. Key level is 1.0200 area. Immediate support at 1.0130.

USDCHF Daily Supports and Resistances:

• S1= 1.0058
• S2= 0.9964
• S3= 0.9908
• R1= 1.0208
• R2= 1.0264
• R3= 1.0358