April 30 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

Wed, 30th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After a minor gain against Dollar on Monday, yesterday the Euro continued it’s weakness. It looks like EURUSD is making a test to 1.5341 zone. My model is short, targeting 1.5480 area. Immediate resistance seen at 1.5620. CCI in oversold area.

EURUSD Daily Supports and Resistances:

• S1= 1.5517
• S2= 1.5469
• S3= 1.5398
• R1= 1.5636
• R2= 1.5707
• R3= 1.5755

GBPUSD Outlook
The Sterling suffered huge losses against Dollar yesterday. GBPUSD failed to stay above 1.9860, bottomed at 1.9665 and closed at 1.9696. My model is short, targeting 1.9584. Immediate resistance at 1.9750. CCI about to cross – 100 line down.

GBPUSD Daily Supports and Resistances:

• S1= 1.9603
• S2= 1.9510
• S3= 1.9356
• R1= 1.9850
• R2= 2.0004
• R3= 2.0097

USDJPY Outlook
The USDJPY attempted to go lower yesterday, bottomed at 103.20, but further downside move was rejected and the pair closed at 104.07. My model is mixed with neutral bias. Immediate support at 103.75. Initial support at 104.50.

USDJPY Daily Supports and Resistances:

• S1= 103.39
• S2= 102.71
• S3= 102.23
• R1= 104.55
• R2= 105.03
• R3= 105.71

USDCHF Outlook
The USDCHF is chasing 1.0425-30 area. (61.8% Fibonacci retracement from 1.0916 to 0.9636). A break out upside would trigger further bullish move toward 1.0650 area. CCI about to cross 100 line down, so we also have downside risk. Immediate support seen at 1.0280. Initial resistance at 1.0425-30.

USDCHF Daily Supports and Resistances:

• S1= 1.0329
• S2= 1.0280
• S3= 1.0246
• R1= 1.0412
• R2= 1.0446
• R3= 1.0495