July 29 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, 29th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the Euro was traded stronger against Greenback, topped at 1.5767 and closed at 1.5738. My model is mixed with upside bias. Remember that the pair need to stay consistently above 1.5750 key level in order to gain more bullish momentum. Immediate support is seen at 1.5680. Initial resistance at 1.5797. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5691
• S2= 1.5645
• S3= 1.5607
• R1= 1.5775
• R2= 1.5813
• R3= 1.5859

GBPUSD Outlook
The Sterling was traded stronger against Greenback yesterday, topped at 1.9962, but the pair keep making a lower high on daily chart. We still have a valid bearish channel on hourly chart. My model remains mixed with downside bias. Only a consistent movement above 2.0005 area could be a violation to the bearish scenario. Immediate support is seen at 1.9916 followed by 1.9868. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9868
• S2= 1.9793
• S3= 1.9746
• R1= 1.9990
• R2= 2.0037
• R3= 2.0112

USDJPY Outlook
The USDJPY failed to maintain it’s bullish momentum yesterday. The pair bottomed at 107.34 and closed at 107.48. My model is mixed with downside bias. Immediate resistance is seen at 107.75. Initial support at 106.50. CCI just cross 100 line down on daily chart, suggesting potential bearish view.

USDJPY Daily Supports and Resistances:

• S1= 107.19
• S2= 106.90
• S3= 106.46
• R1= 107.92
• R2= 108.36
• R3= 108.65

USDCHF Outlook
The Swiss Franc was traded stronger against Greenback yesterday, but with less power than I had expected. My model remains short, targeting 1.0250. Immediate resistance is seen at 1.0350 followed by 1.0400. CCI just cross 100 line down on daily chart, suggesting a potential bearish view.

USDCHF Daily Supports and Resistances:

• S1= 1.0315
• S2= 1.0287
• S3= 1.0251
• R1= 1.0379
• R2= 1.0415
• R3= 1.0443

Have a great day!