June 03 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, 03th of June, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After bottomed at 1.5486, the EURUSD made an upside movement and topped at 1.5588 yesterday. However, my bearish hourly channel is still valid, so my model remains short targeting 1.5450. Immediate support seen at 1.5486 (yesterday’s low). Initial resistance at 1.5600. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5487
• S2= 1.5435
• S3= 1.5385
• R1= 1.5589
• R2= 1.5639
• R3= 1.5691

GBPUSD Outlook
The gaps were not filled yesterday. The weakness of Sterling continued. The pair bottomed at 1.9595, 25 pips lower from my short target. My model remains short, targeting 1.9530 area. Immediate resistance  is seen at  1.9575. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9577
• S2= 1.9498
• S3= 1.9401
• R1= 1.9753
• R2= 1.9850
• R3= 1.9929

USDJPY Outlook
The Japanese Yen recovered against Dollar yesterday. The USDJPY bottomed at 104.02 and closed at 104.42. However, my model remains long as my bullish channel is still valid. As long as the pair stay above 103.35 area, the medium term bullish scenario is still intact. Immediate support is seen at 104.02 (yesterday’s low). Initial resistance at 105.00. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 103.78
• S2= 103.14
• S3= 102.27
• R1= 105.29
• R2= 106.16
• R3= 106.80

USDCHF Outlook
The USDCHF seems in a good bearish momentum. The new bearish channel on my hourly chart looks good. My model is short, targeting 1.0300. Immediate resistance is seen at 1.0420. CCI in neutral area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0313
• S2= 1.0256
• S3= 1.0189
• R1= 1.0437
• R2= 1.0504
• R3= 1.0561

Have a great day!