Mon, 28th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
The Euro continue to suffer sharp losses against Dollar since 23/04/2008. Although the short term outlook is bearish for EURUSD, I think the bullish long term outlook can not be said over. Immediate support at 1.5580. Initial resistance at 1.5730. CCI in oversold area on the daily chart.
EURUSD Daily Supports and Resistances:
- S1= 1.5553
- S2= 1.5477
- S3= 1.5400
- R1= 1.5706
- R2= 1.5783
- R3= 1.5859
GBPUSD Outlook
The Sterling recovered it’s losses against Greenback on Friday, forced my model to go long since the pair found good support on the daily chart trend line. Immediate support at 1.9808 followed by 1.9750. Initial resistance seen at 1.9870 area. CCI in neutral area on daily chart.
GBPUSD Daily Supports and Resistances:
- S1= 1.9728
- S2= 1.9595
- S3= 1.9515
- R1= 1.9941
- R2= 2.0021
- R3= 2.0154
USDJPY Outlook
My technical indicators show that the current short/medium term bullish outlook has big probability to continue. Immediate support at 104.30. Initial resistance at 105.25. However, CCI already in overbought area so minor downside correction might happen today.
USDJPY Daily Supports and Resistances:
- S1= 103.94
- S2= 103.46
- S3= 103.03
- R1= 104.85
- R2= 105.28
- R3= 105.76
USDCHF Outlook
The USDCHF is in convincing short term bullish momentum. Friday, the pair topped at 1.0430, right at the 61.8 % Fibonacci retracement from 1.0916 to 0.9636. But further upside movement seems to be limited for now. Eyes on co-relation with EURUSD. Immediate support at 1.0276 followed by 1.0127. Initial resistance at 1.0430.
USDCHF Daily Supports and Resistances:
- S1= 1.0284
- S2= 1.0227
- S3= 1.0154
- R1= 1.0414
- R2= 1.0487
- R3= 1.0544
