April 29 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, 29th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Euro had a minor recovery against Dollar yesterday. Seems like the pair need some fundamental factors to make a significant moves this week. My model remains mixed with downside bias. Immediate support still at 1.5580. Initial resistance also still at 1.5730. I am expecting ranging market today.

EURUSD Daily Supports and Resistances:

• S1= 1.5599
• S2= 1.5545
• S3= 1.5498
• R1= 1.5700
• R2= 1.5747
• R3= 1.5801

GBPUSD Outlook
The Sterling continued stronger against Greenback yesterday, but in a slower pace. The GBPUSD need to stay above 1.9860 area to keep the short term bullish outlook intact. My model remains long. Initial resistance seen at 1.9950.

GBPUSD Daily Supports and Resistances:

• S1= 1.9803
• S2= 1.9700
• S3= 1.9619
• R1= 1.9987
• R2= 2.0068
• R3= 2.0171

USDJPY Outlook
The USDJPY showed no significant move yesterday. The Japanese Yen made a little recovery against Dollar. My model is mixed with downside bias since CCI already in overbought area and just cross 100 line down on the daily chart. Immediate support at 103.90 . Initial resistance at 104.75.

USDJPY Daily Supports and Resistances:

• S1= 103.90
• S2= 103.60
• S3= 103.15
• R1= 104.65
• R2= 105.10
• R3= 105.40

USDCHF Outlook
The USDCHF also seems to need some fundamental factors this week to make important technical moves. My model is mixed with downside bias since CCI already in overbought area on daily chart. Immediate support at 1.0305. Initial resistance at 1.0430

USDCHF Daily Supports and Resistances:

• S1= 1.0303
• S2= 1.0267
• S3= 1.0236
• R1= 1.0370
• R2= 1.0401
• R3= 1.0437