July 16 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

Wed, 16th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the EURUSD hit my long target at 1.6019, made new all time high at 1.6038 but the pair whipsawed fast and hit a new low of the day at 1.5865. I think this is normal as most new record price is a psychological level and many trader take their profit. My model remains long, targeting new projection level at 1.6119. However, we have to be careful and and watch out for another sharp correctional downside risk at this phase and only use tight money management. Immediate support at the key level 1.5850. CCI in overbought area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5838
• S2= 1.5765
• S3= 1.5665
• R1= 1.6011
• R2= 1.6111
• R3= 1.6184

GBPUSD Outlook
We had a big movement of 227 pips on GBPUSD yesterday. The pair hit my long target at 2.0040, even much higher, topped at 2.0158, but corrected later and closed at 2.0054. My model remains long targeting 2.0110. CCI already in overbought area on daily chart so watch out for a downside pullback. Immediate support is seen at 2.0015 followed by 1.9925. Only use a tight money management at this phase.

GBPUSD Daily Supports and Resistances:

• S1= 1.9937
• S2= 1.9820
• S3= 1.9710
• R1= 2.0164
• R2= 2.0274
• R3= 2.0391

USDJPY Outlook
The Greenback slumped against Japanese Yen yesterday. The pair move 214 pips, bottomed at 104.13 and closed at 104.64. My model goes short, targeting 103.60. However CCI already in oversold area on daily chart, so watch out for an upside pullback. Immediate resistance is seen at 105.10.

USDJPY Daily Supports and Resistances:

• S1= 103.75
• S2= 102.87
• S3= 101.61
• R1= 105.89
• R2= 107.15
• R3= 108.03

USDCHF Outlook
Yesterday USDCHF hit my short target at 1.0025, bottomed at 1.0010 and closed at 1.0082. Early today the Greenback had a minor recovery, USDCHF traded around 1.0105 level at the time I wrote this comment. My model remains short targeting 0.9950. CCI already in oversold area so watch out for an upside pullback. Immediate resistance is seen at 1.0130. Eyes on co-relation with EURUSD

USDCHF Daily Supports and Resistances:

• S1= 1.0003
• S2= 0.9924
• S3= 0.9838
• R1= 1.0168
• R2= 1.0254
• R3= 1.0333

Have a great day!