August 28 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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Thu, 28th of August, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After hit the 6 month low on Tuesday, EURUSD was sharply corrected to the upside yesterday. The pair topped at 1.4776, closed lower at 1.4715 and traded higher early today in Asian market at 1.4770 at the time  wrote this comment. We have a bullish channel on hourly and 4h chart. CCI just cross 100 line up on 4h chart suggesting a another potential minor bullish correction. My model goes mixed with neutral bias in nearest term, but we still on bearish outlook in longer term. Immediate resistance is seen at 1.4835 followed by 1.4870. Initial support at 1.4690.

EURUSD Daily Supports and Resistances:

• S1= 1.4640
• S2= 1.4565
• S3= 1.4497
• R1= 1.4783
• R2= 1.4851
• R3= 1.4926

GBPUSD Outlook
The GBPUSD upside correctional momentum was limited yesterday. The pair topped at 1.8488 before whipsawed to the downside and hit the bottomed at 1.8284 and closed at 1.8342. We are still in bearish scenario in longer term, but we might have another upside correction in nearest term. My model is mixed with neutral bias. Immediate resistance is seen at 1.8405 followed by 1.8455. Initial support at 1.8315. CCI just cross -100 line up on 4h chart suggesting another potential bullish correction.

GBPUSD Daily Supports and Resistances:

• S1= 1.8254
• S2= 1.8167
• S3= 1.8050
• R1= 1.8458
• R2= 1.8575
• R3= 1.8662

USDJPY Outlook
Yesterday the USDJPY attempted to move lower, bottomed at 108.70 before whipsawed to the upside, topped at 109.89 and closed at 109.53. My model goes mixed with neutral bias. Immediate support is seen at 109.20. Initial resistance at 109.92. CCI in neutral area in all 3 time frames (hourly, 4h, daily).

USDJPY Daily Supports and Resistances:

• S1= 108.85
• S2= 108.18
• S3= 107.66
• R1= 110.04
• R2= 110.56
• R3= 111.23

USDCHF Outlook
The USDCHF downside correction seemed limited yesterday. The pair bottomed at 1.0915 but closed higher at 1.0972. I am expecting a ranging market between 1.1023 and 1.0914 today. We need a breakout to find a clearer direction. CCI in neutral area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0916
• S2= 1.0861
• S3= 1.0807
• R1= 1.1025
• R2= 1.1079
• R3= 1.1134

Have a great day!