July 23 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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Wed, 23th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD failed to maintain it’s bullish momentum yesterday. The pair topped at 1.5943 before sharply fell and bottomed at 1.5758 and closed at 1.5786. The key level at this phase is 1.5750. A break to the downside could open the door for a further downside movement towards 1.5690 then 1.5610. Initial resistance is seen at 1.5850. CCI about to cross 100 line down on weekly chart, suggesting a potential bearish view for this week.

EURUSD Daily Supports and Resistances:

• S1= 1.5715
• S2= 1.5644
• S3= 1.5530
• R1= 1.5900
• R2= 1.6014
• R3= 1.6085

GBPUSD Outlook
The Sterling also slumped against Greenback yesterday. The pair bottomed at 1.9896 and closed at 1.9911. My model is mixed with downside bias. Should this bearish momentum continue, the pair is heading for 1.9820 (38.2 Fibonacci Retracement from 1.9408 to 2.0070). Immediate support is seen at 1.9880. Initial resistance at 1.9990.

GBPUSD Daily Supports and Resistances:

• S1= 1.9846
• S2= 1.9781
• S3= 1.9667
• R1= 2.0025
• R2= 2.0139
• R3= 2.0204

USDJPY Outlook
After corrected lower on Monday, the USDJPY continued it’s bullish momentum yesterday. The pair topped at 107.44 and closed at 107.29. My model is long, targeting 107.85. Immediate support is seen at 107.06. CCI about to cross 100 line up on daily chart, suggesting a bullish potential.

USDJPY Daily Supports and Resistances:

S1= 106.42
S2= 105.55
S3= 105.04
R1= 107.80
R2= 108.31
R3= 109.18

USDCHF Outlook
Like all other major currencies, the Swiss Franc slumped against Greenback yesterday. This fact force my model to go long targeting 1.0390. Immediate support is seen at 1.0257. CCI just cross 100 line up on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0179
• S2= 1.0057
• S3= 0.9980
• R1= 1.0378
• R2= 1.0455
• R3= 1.0577

Have a great day!