July 21 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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Mon, 21th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD made no significant movement on Friday. The pair opened and closed around 1.5850 key level (1.5856 and 1.5847). In the nearest term, the bias is still on the bullish side. Initial resistance is seen at 1.5905. Any consistent move below 1.5850 could trigger further downside correction and retest 1.5780 area once again.

EURUSD Daily Supports and Resistances:

• S1= 1.5807
• S2= 1.5767
• S3= 1.5727
• R1= 1.5887
• R2= 1.5927
• R3= 1.5967

GBPUSD Outlook
The GBPUSD made indecisive movement on Friday by open and closed at the same price (1.9984). It seems that the downside correction is very limited at this time. Today we have about 30 pips gap on the Asian market opening (1.9951). My model remains mixed with downside bias. Immediate resistance is seen at 1.9990. Initial support at 1.9905. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9927
• S2= 1.9871
• S3= 1.9837
• R1= 2.0017
• R2= 2.0051
• R3= 2.0107

USDJPY Outlook
The USDJPY continued it’s bullish momentum on Friday. The pair topped at 106.98 and closed at 106.95. However, my hourly bullish channel has been violated this morning in Asian session, so we might see a downside correction towards 106.30. We seem to have important resistance at 107.30. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 106.28
• S2= 105.62
• S3= 105.27
• R1= 107.29
• R2= 107.64
• R3= 108.30

USDCHF Outlook
The USDCHF topped at 1.0250 and closed at 1.0227 on Friday. We seem to have good resistance in 1.0250-60 area in this correctional upside movement that could trigger the pair to back in it’s downside major trend. My model is short, targeting 1.0130. CCI in neutral area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0182
• S2= 1.0138
• S3= 1.0104
• R1= 1.0260
• R2= 1.0294
• R3= 1.0338

Have a great day!