July 03 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

Thu, 03th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Greenback slumped against Euro yesterday. EURUSD topped at 1.5890 and closed at 1.5889. We have a valid bullish channel on hourly chart. My model is long targeting 1.5950. Immediate support is seen at 1.5850. CCI in overbought area on daily chart so watch out for a downside risk. Only use a tight money management at this phase. Eyes on US Non Farm Payroll data today.

EURUSD Daily Supports and Resistances:

• S1= 1.5814
• S2= 1.5739
• S3= 1.5701
• R1= 1.5927
• R2= 1.5965
• R3= 1.6040

GBPUSD Outlook
Yesterday the GBPUSD attempted to go lower but further downside movement was rejected. The pair bottomed at 1.9844 but closed higher at 1.9935. My model is mixed with downside bias. Immediate support is seen at 1.9890 followed by 1.9844 (yesterday’s low). CCI about to cross 100 line down on daily chart. Eyes on US Non Farm Payroll data today.

GBPUSD Daily Supports and Resistances:

• S1= 1.9861
• S2= 1.9788
• S3= 1.9732
• R1= 1.9990
• R2= 2.0046
• R3= 2.0119

USDJPY Outlook
Yesterday USDJPY made an indecisive movement. Further upside movement was rejected. The pair topped at 106.77 but closed lower at 105.83. From a bigger view, as long as the pair stay above key level 105.50, the bullish scenario is still intact. My model for today is mixed with downside bias as CCI about to cross -100 line down on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 105.47
• S2= 105.12
• S3= 104.47
• R1= 106.47
• R2= 107.12
• R3= 107.47

USDCHF Outlook
Yesterday the Swiss Franc was traded stronger against US Dollar. The USDCHF bottomed at 1.0130 and closed at 1.0132. My model is short, targeting 1.0025. Immediate resistance is seen at 1.0165. CCI already in oversold area on daily chart so watch out for an upside pullback. Use only tight money management at this phase.

USDCHF Daily Supports and Resistances:

• S1= 1.0097
• S2= 1.0063
• S3= 0.9996
• R1= 1.0198
• R2= 1.0265
• R3= 1.0299

Have a great day!