July 08 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, 08th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD failed to stay below key level 1.5650 yesterday. After bottomed at 1.5611, the pair closed higher at 1.5722. A ranging market between 1.5650 and 1.5750 looks likely today. My model is mixed with neutral bias. A consistent move below 1.5650 would continue the correctional downside movement towards 1.5515, while a movement above the 1.5750 level could bring the pair to a further upside scenario. CCI heading up towards 100 line on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5637
• S2= 1.5553
• S3= 1.5495
• R1= 1.5779
• R2= 1.5837
• R3= 1.5921

GBPUSD Outlook
The Sterling suffered a minor loss against Dollar yesterday. The pair opened at 1.9825, bottomed at 1.9647 and closed at 1.9756. My model is mixed with downside  bias. Immediate support seen at 1.9710 followed by 1.9647 (yesterday’s low). A further downside movement will open the door to 1.9530. Initial resistance is seen at 1.9780. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9659
• S2= 1.9563
• S3= 1.9479
• R1= 1.9839
• R2= 1.9923
• R3= 2.0019

USDJPY Outlook
The USDJPY hit my long target at 107.50, even further, topped at 107.75 but closed lower at 107.13. We still have a valid bullish channel on hourly chart so my model remains long targeting 108.20. Only a move below 106.75 would violated the bullish view. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 106.60
• S2= 106.07
• S3= 105.50
• R1= 107.70
• R2= 108.27
• R3= 108.80

USDCHF Outlook
Yesterday the upside scenario of USDCHF was limited. The pair topped at 1.0341 but closed lower at 1.0265. However, we still have a valid bullish channel on hourly chart. My model goes long, targeting 1.0380. Immediate support is seen at 1.0250. CCI heading down towards -100 line on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0212
• S2= 1.0159
• S3= 1.0095
• R1= 1.0329
• R2= 1.0393
• R3= 1.0446

Have a great day!