June 12 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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Thu, 12th of June, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the Euro recovered against US Dollar, but showing another weakness early today in Asian market. My nearest model for EURUSD remains short targeting 1.5370 which is also a key level. A failure to break down from that level could bring EURUSD opened to 1.5620, while a break downside could trigger movement toward 1.5280.

EURUSD Daily Supports and Resistances:

• S1= 1.5476
• S2= 1.5397
• S3= 1.5342
• R1= 1.5610
• R2= 1.5665
• R3= 1.5744

GBPUSD Outlook
Similar to the Euro, yesterday the Sterling was traded stronger against Greenback, but showing weakness early today. My model for GBPUSD remains short, targeting 1.9520. Immediate resistance is seen at 1.9620. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9527
• S2= 1.9420
• S3= 1.9350
• R1= 1.9704
• R2= 1.9774
• R3= 1.9881

USDJPY Outlook
Yesterday the Japanese Yen recovered against US Dollar. The USDJPY bottomed at 106.56 and closed at 106.82. My model remains long, still targeting 108.30. Immediate support is seen at 106.70 followed by 106.40. CCI in overbought area on daily chart, so another minor downside pullback might happen today. Wait for confirmation on oscillators/indicators to find long position.

USDJPY Daily Supports and Resistances:

• S1= 106.33
• S2= 105.84
• S3= 105.13
• R1= 107.53
• R2= 108.24
• R3= 108.73

USDCHF Outlook
The Swiss Franc also recovered against US Dollar yesterday. My model for USDCHF is mixed with no trading zone. Immediate support is seen at 1.0300. Initial resistance at 1.0395. CCI in neutral are on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0262
• S2= 1.0215
• S3= 1.0123
• R1= 1.0401
• R2= 1.0493
• R3= 1.0540

Have a great day!