July 15 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, 15th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the EURUSD attempted to go lower as a correctional downside move, but further downside momentum seems limited as the pair failed to stay below 1.5850 key support (at this phase). The pair bottomed at 1.5841 but closed higher at 1.5902. My model goes long, targeting 1.6019. Only a consistent move below 1.5850 could be seen as a violation of this bullish view and bring us to further downside correctional scenario towards 1.5800. Only use tight money management at this phase. Eyes on  German ZEW Economic Sentiment data that could be a market mover today. We also have several important US economic data today, so we might have a volatile market today.

EURUSD Daily Supports and Resistances:

• S1= 1.5840
• S2= 1.5778
• S3= 1.5715
• R1= 1.5965
• R2= 1.6028
• R3= 1.6090

GBPUSD Outlook
Yesterday the Sterling recovered on European and US market after traded weaker on Asian market. My model goes long, targeting 2.0040. Immediate support is seen at 1.9925. CCI about to cross 100 line up on daily chart, suggesting a bullish momentum.

GBPUSD Daily Supports and Resistances:

• S1= 1.9853
• S2= 1.9760
• S3= 1.9706
• R1= 2.0000
• R2= 2.0054
• R3= 2.0147

USDJPY Outlook
Yesterday the USDJPY made an indecisive movement by open and closed at almost same price. My strategy remains the same. As long as the pair move above 105.50, the bias is up. Immediate support is seen at 105.87. Initial resistance at 106.50. Only use a tight money management at this phase.

• S1= 105.87
• S2= 105.56
• S3= 105.10
• R1= 106.64
• R2= 107.10
• R3= 107.41

USDCHF Outlook
Yesterday, the upside correctional movement of USDCHF was very limited as the pair topped at 1.0250 but fell sharply and closed at 1.0166. My model is short, targeting 1.0025. Immediate resistance is seen at 1.0175. CCI just cross -100 line down on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0122
• S2= 1.0079
• S3= 1.0015
• R1= 1.0229
• R2= 1.0293
• R3= 1.0336

Have a great day!