July 22 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

Tue, 22th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the EURUSD regained it’s bullish momentum, topped at 1.5931 and closed at 1.5925. My model goes long, targeting the all time high 1.6038. Immediate support is seen at 1.5905 followed by 1.5875. CCI just cross 100 line up on daily chart, suggesting a bullish view.

EURUSD Daily Supports and Resistances:

• S1= 1.5858
• S2= 1.5791
• S3= 1.5755
• R1= 1.5961
• R2= 1.5997
• R3= 1.6064

GBPUSD Outlook
The Sterling recovered against Greenback yesterday. This fact could be seen as the end of correctional downside move and get the GBPUSD back to bullish momentum. My model goes long targeting 2.0095. Immediate support is seen at 1.9970. CCI about to cross 100 line up on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9943
• S2= 1.9858
• S3= 1.9811
• R1= 2.0075
• R2= 2.0122
• R3= 2.0207

USDJPY Outlook
The USDJPY was corrected yesterday, bottomed at 106.32 and closed at 106.42. As long as the pair move above 106.30 support area, the outlook is still bullish. A break to the downside could trigger further downside correction towards 105.80. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 106.11
• S2= 105.80
• S3= 105.28
• R1= 106.94
• R2= 107.46
• R3= 107.77

USDCHF Outlook
Yesterday the USDCHF back to it’s bearish trend. The pair bottomed at 1.0166 and closed at 1.0171. My model remains short, targeting 1.0105. Immediate resistance is seen at 1.0200. CCI heading down towards -100 line on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0144
• S2= 1.0118
• S3= 1.0070
• R1= 1.0218
• R2= 1.0266
• R3= 1.0292

Have a great day!