August 26 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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Tue, 26th of August, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the EURUSD bearish momentum seemed very limited. The trend line support on daily chart around 1.4695/1.4703 level should be the key level at this phase. A break to the downside could trigger further bearish scenario towards 1.4590. Initial resistance is seen at 1.4757 followed by 1.4807. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.4696
• S2= 1.4639
• S3= 1.4584
• R1= 1.4808
• R2= 1.4863
• R3= 1.4920

GBPUSD Outlook
Yesterday the GBPUSD made indecisive movement by opened and closed at almost the same price (1.8518 and 1.8526). My model goes mixed with neutral bias. Immediate support is seen at 1.8450 followed by 1.8405. CCI seems rejecting the -100 line on 4h and daily chart suggesting the pair might have a strong support area at this phase. However, I think the pressure to the downside is not over yet.

GBPUSD Daily Supports and Resistances:

• S1= 1.8424
• S2= 1.8322
• S3= 1.8239
• R1= 1.8609
• R2= 1.8692
• R3= 1.8794

USDJPY Outlook
The USDJPY bullish momentum was rejected yesterday. The pair bottomed at 109.02 and closed at 109.30. Resistance level at 110.66 area seems to be a key level at this phase. My model goes mixed with neutral bias. Immediate support is seen at 108.90 followed by 108.50. Initial resistance at 109.80. CCI in neutral area on all 3 time frames (hourly, 4h, daily).

USDJPY Daily Supports and Resistances:

• S1= 108.78
• S2= 108.27
• S3= 107.52
• R1= 110.04
• R2= 110.79
• R3= 111.30

USDCHF Outlook
The USDCHF is moving in ranging market between 1.1030 and 1.0840. We need a breakout to find a clearer direction. Immediate support is seen at 1.0950 followed by 1.0920. Initial resistance at 1.1030. An upside break from that level could trigger further bullish scenario towards 1.1105 area. CCI in neutral area in all 3 time frames (hourly, 4h, daily).

USDCHF Daily Supports and Resistances:

• S1= 1.0907
• S2= 1.0860
• S3= 1.0798
• R1= 1.1016
• R2= 1.1078
• R3= 1.1125

Have a great day!