June 16 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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Mon, 16th of June, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Friday, the EURUSD broke key level 1.5370 and bottomed at 1.5302. Technically speaking, this fact should open further downside movement and trigger an early phase for the pair to enter downtrend medium trend towards 1.5170. The pair should maintain to move below 1.5370 and a failure to do so will trigger further upside correctional move. My model remains short still targeting 1.5280. However, CCI already in oversold area on daily chart, so watch out for a upside correctional movement. Wait for confirmation on your indicators/oscillators to find short position and use only tight money management in this phase. Immediate resistance at 1.5450.

EURUSD Daily Supports and Resistances:

• S1= 1.5308
• S2= 1.5237
• S3= 1.5172
• R1= 1.5444
• R2= 1.5509
• R3= 1.5580

GBPUSD Outlook
The Sterling made a minor recovery on Friday. GBPUSD closed  a little bit higher at 1.9476. I am not surprise since CCI already in oversold area on daily chart. My model remains mixed with upside bias. Immediate support is seen at 1.9430. Initial resistance at 1.9520 followed by 1.9580.

GBPUSD Daily Supports and Resistances:

• S1= 1.9418
• S2= 1.9361
• S3= 1.9314
• R1= 1.9522
• R2= 1.9569
• R3= 1.9626

USDJPY Outlook
The USDJPY continued it’s bullish momentum on Friday, topped at 108.38, but with less bullish power than what I expected. However my model remains long targeting 108.70/80. Immediate support is seen at 107.80 followed by 107.45. CCI already in overbought area, so watch out for correctional downside pullback. Only use a very tight money management at this phase. Wait for confirmation on oscillators/indicators to find long position.

USDJPY Daily Supports and Resistances:

• S1= 107.76
• S2= 107.33
• S3= 107.02
• R1= 108.50
• R2= 108.81
• R3= 109.24

USDCHF Outlook
Friday, the USDCHF continued it’s bullish momentum. The pair topped at 1.0539, higher from my long target at 1.0492. My model remains long, targeting 1.0550. Immediate support is seen at 1.0445 followed by 1.5390.

USDCHF Daily Supports and Resistances:

• S1= 1.0389
• S2= 1.0310
• S3= 1.0235
• R1= 1.0543
• R2= 1.0618
• R3= 1.0697

Have a great day!