July 17 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, 17th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the EURUSD continued it’s correctional downside move, broke the key level support 1.5850 and bottomed at 1.5800. Technically, this fact could trigger further downside scenario towards 1.5750. My model is mixed with downside bias. Immediate resistance at 1.5850. Initial support at 1.5800 followed by 1.5750. CCI just cross -100 line down on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5763
• S2= 1.5707
• S3= 1.5615
• R1= 1.5911
• R2= 1.6003
• R3= 1.6059

GBPUSD Outlook
The GBPUSD was corrected lower yesterday, bottomed at 1.9956 and closed at 1.9981. Further downside movement is likely today. My model is mixed with downside bias. Immediate resistance is seen at 2.0035. Initial support at 1.9950. CCI in overbought area and heading down.

GBPUSD Daily Supports and Resistances:

• S1= 1.9926
• S2= 1.9871
• S3= 1.9787
• R1= 2.0065
• R2= 2.0149
• R3= 2.0204

USDJPY Outlook
Yesterday the USDJPY bottomed at 103.77, 17 pips higher from my short target 103.60 before bounce and topped at 105.19. My model is mixed with upside bias. Immediate resistance is seen at 105.50. Initial support at 104.50. CCI in overbought area and heading up on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 104.18
• S2= 103.26
• S3= 102.76
• R1= 105.60
• R2= 106.10
• R3= 106.10

USDCHF Outlook
The Greenback recovered against Swiss Franc yesterday. The pair topped at 1.0186 and closed at 1.0176. My model is long, targeting 1.0220. Immediate support is seen at 1.0115. CCI just cross -100 line up on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0073
• S2= 0.9970
• S3= 0.9914
• R1= 1.0232
• R2= 1.0288
• R3= 1.0391

Have a great day!