June 02 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

Mon, 02th of June, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Euro made a recovery against Dollar on Friday. After bottomed at 1.5462, the pair hit new high of the day, topped at 1.5567 and closed at 1.5554. However, my model remains short targeting 1.5450 area. Immediate resistance seen at 1.5570. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5488
• S2= 1.5422
• S3= 1.5383
• R1= 1.5593
• R2= 1.5632
• R3= 1.5698

GBPUSD Outlook
We have gaps between Friday’s closed at 1.9822 and today’s open at 1.9770. Oftenly  the gaps are filled. Friday, we saw the GBPUSD made a fast upside pullback, topped at 1.9822 after bottomed at 1.9683. Although technically my model remains short, targeting 1.9620 area, I will be watching very closely for another market whipsaw today. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9729
• S2= 1.9636
• S3= 1.9590
• R1= 1.9868
• R2= 1.9914
• R3= 2.0007

USDJPY Outlook
The USDJPY didn’t made a significant moves on Friday. My model remains long, targeting 106.40. Immediate support is seen at 105.10. CCI about to cross 100 line down, so watch out for downside pullback.

USDJPY Daily Supports and Resistances:

• S1= 105.24
• S2= 104.98
• S3= 104.73
• R1= 105.75
• R2= 106.00
• R3= 106.26

USDCHF Outlook
The Swiss Franc recovered against Dollar on Friday. My bullish channel on hourly chart was violated. My model is mixed with downside bias. Immediate support seen at 1.0400. Initial resistance at 1.0490. CCI in neutral area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0379
• S2= 1.0338
• S3= 1.0265
• R1= 1.0493
• R2= 1.0566
• R3= 1.0607

Have a great day!