August 18 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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Mon, 18th of August, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD continued it’s bearish momentum on Friday. The pair bottomed at 1.4658 and closed at 1.4688. Early today in Asian market, the pair made a minor upside correction and traded around 1.4730 at the time I wrote this comment. My model is mixed with neutral bias. Immediate resistance is seen at 1.4757 followed by 1.4820. An upside break from 1.4820 could trigger further correction towards 1.4975. Initial support at 1.4658 followed by 1.4614. CCI just cross -100 line up on 4h chart suggesting a potential bullish correction.

EURUSD Daily Supports and Resistances:

• S1= 1.4629
• S2= 1.4570
• S3= 1.4483
• R1= 1.4775
• R2= 1.4862
• R3= 1.4921

GBPUSD Outlook
The bearish momentum of the GBPUSD seemed to losing it’s power on Friday as the pair made an upside correction, closed at 1.8661 after attempted to push lower by bottomed at 1.8511. My model goes mixed with neutral bias. Immediate resistance is seen at 1.8750 followed by 1.8790. Initial support is seen at 1.8630.

GBPUSD Daily Supports and Resistances:

• S1= 1.8553
• S2= 1.8445
• S3= 1.8380
• R1= 1.8726
• R2= 1.8791
• R3= 1.8899

USDJPY Outlook
The USDJPY continued it’s bullish momentum on Friday. The pair topped at 107.66 (11 pips lower from my long target at 107.77) and closed at 110.50. However, the pair corrected early today in Asian market, traded at 110.20 at the time I wrote this comment. My model is mixed with neutral bias. Immediate support is seen at 109.58. Initial resistance at 107.77.

USDJPY Daily Supports and Resistances:

• S1= 109.86
• S2= 109.22
• S3= 108.82
• R1= 110.90
• R2= 111.30
• R3= 111.94

USDCHF Outlook
The bullish momentum of USDCHF was limited on Friday. The pair closed at 1.0959 after attempted to push higher by topped at 1.1007. My model is mixed with neutral bias. Immediate support is seen at 1.0906 followed by 1.0858. Initial resistance at 1.1007 (Friday’s high) followed by 1.1050.

USDCHF Daily Supports and Resistances:

• S1= 1.0930
• S2= 1.0901
• S3= 1.0863
• R1= 1.0997
• R2= 1.1035
• R3= 1.1064

Have a great day!