June 11 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, 11th of June, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Euro continued it’s huge losses against US Dollar yesterday. The EURUSD bottomed at 1.5440 and closed  at 1.5456. My model is short, targeting 1.5385. Immediate resistance is seen at 1.5520. CCI heading down towards – 100 line.

EURUSD Daily Supports and Resistances:

• S1= 1.5379
• S2= 1.5303
• S3= 1.5166
• R1= 1.5592
• R2= 1.5729
• R3= 1.5805

GBPUSD Outlook
Yesterday the GBPUSD fell after break my bullish trend line/channel support on hourly chart to the downside. My model is short targeting 1.9460. Immediate resistance is seen at 1.9580 followed by 1.9620. CCI about to cross – 100 line down on daily chart, suggesting the weakness of the Sterling.

GBPUSD Daily Supports and Resistances:

• S1= 1.9451
• S2= 1.9366
• S3= 1.9215
• R1= 1.9687
• R2= 1.9838
• R3= 1.9923

USDJPY Outlook
Yesterday the USDJPY topped at 107.44, 6 pips lower from my long target at 107.50. However, CCI already in overbought area on all time frames (hourly, 4h, daily) so a downside pullback might happen today. My model is mixed with upside bias. Wait for rebound on oscillators/indicators to find long position targeting 108.30. Immediate support is seen at 106.80.

USDJPY Daily Supports and Resistances:

• S1= 106.56
• S2= 105.79
• S3= 105.35
• R1= 107.77
• R2= 108.21
• R3= 108.98

USDCHF Outlook
Yesterday the bullish momentum of USDCHF continued. The pair topped at 1.0438 and closed at 1.0421. My model remains long, targeting 1.0500. Immediate support is seen at 1.0375. CCI heading up towards 100 line on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0314
• S2= 1.0207
• S3= 1.0145
• R1= 1.0483
• R2= 1.0545
• R3= 1.0652

Have a great day!