August 13 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.

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Wed, 13th of August, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After attempted to move lower and bottomed at 1.4815, yesterday the EURUSD recovered, made a new high of the day, topped at 1.4963 and closed at 1.4913. My hourly chart bearish channel has been violated, so we might still have further upside correctional move. In the nearest term, as long as the pair move above 1.4975, the bias is still bearish. A break to the upside of that level could trigger further correctional movement towards 1.5080 area. Immediate resistance is seen at 1.4975. Initial support at 1.4880 followed by 1.4815 (yesterday’s low).

EURUSD Daily Supports and Resistances:

• S1= 1.4831
• S2= 1.4749
• S3= 1.4683
• R1= 1.4979
• R2= 1.5045
• R3= 1.5127

GBPUSD Outlook
Yesterday the GBPUSD continued it’s bearish momentum. The pair hit my short target at 1.9024, even further, bottomed at 1.8952 and closed at 1.8958. My model is mixed with downside bias. Immediate support is seen at 1.8920 followed by 1.8870. Initial resistance at 1.9024 followed by 1.9070.

GBPUSD Daily Supports and Resistances:

• S1= 1.8900
• S2= 1.8842
• S3= 1.8732
• R1= 1.9068
• R2= 1.9178
• R3= 1.9236

USDJPY Outlook
Yesterday the warning of declining bullish momentum showed by hanging man candle stick pattern come to reality. The USDJPY corrected lower, bottomed at 109.21 and closed at 109.30. We might see another downside pullback today. My model is mixed with neutral bias. Immediate support is seen at 108.50. Initial resistance at 109.50. CCI just cross -100 line down on daily chart, suggesting a potential bearish view.

USDJPY Daily Supports and Resistances:

• S1= 108.89
• S2= 108.48
• S3= 107.76
• R1= 110.02
• R2= 110.74
• R3= 111.15

USDCHF Outlook
Yesterday the USDCHF made indecisive movement by open and closed at almost the same price (1.0871 and 1.0865). Although in the nearest term the bias is still bullish, this fact could be an indication of potential downside correctional move. My model is mixed with neutral bias. Immediate support is seen at 1.0828 followed by 1.0775. Initial resistance at 1.0900.

USDCHF Daily Supports and Resistances:

• S1= 1.0820
• S2= 1.0776
• S3= 1.0724
• R1= 1.0916
• R2= 1.0968
• R3= 1.1012

Have a great day!