June 17 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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Tue, 17th of June, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After hit low at 1.5302 on Friday, the rejection of EURUSD further downside momentum was continued yesterday. On the daily chart, we see twice before, when failed to breach 1.5280-1.5300 area, the EURUSD fight back and reach 1.5800-1.5900 area. This historical aspect is also supported by oversold on daily CCI since Friday, and now CCI just cross -100 line up suggesting the weakness of Greenback. My model is long, targeting 1.5590. Immediate support is seen at 1.5450. Key level at 1.5650.

EURUSD Daily Supports and Resistances:

• S1= 1.5367
• S2= 1.5267
• S3= 1.5192
• R1= 1.5542
• R2= 1.5617
• R3= 1.5717

GBPUSD Outlook
The Sterling also recovered against Greenback yesterday, topped at 1.9687 and closed at 1.9632. But overall, remember that GBPUSD is still in a valid downtrend scenario, so we must see this upside movement as a correctional move. My nearest model is long, targeting 1.9710. Use only tight money management at this phase. Immediate support at 1.9605.

GBPUSD Daily Supports and Resistances:

• S1= 1.9499
• S2= 1.9366
• S3= 1.9272
• R1= 1.9726
• R2= 1.9820
• R3= 1.9953

USDJPY Outlook
The USDJPY seems like begin to losing it’s bullish power, ready for a downside correctional move. My model is mixed with downside bias as CCI already in overbought area and heading down towards 100 line. Immediate support is seen at 107.50 followed by 107.00.

USDJPY Daily Supports and Resistances:

• S1= 107.90
• S2= 107.58
• S3= 107.24
• R1= 108.56
• R2= 108.90
• R3= 109.22

USDCHF Outlook
The USDCHF showed an indecisive movement by opened and closed at almost same price (1.0446 and 1.0451). My model is mixed with downside bias. Immediate support is seen at 1.0376. Initial resistance at 1.0490.

USDCHF Daily Supports and Resistances:

• S1= 1.0379
• S2= 1.0308
• S3= 1.0238
• R1= 1.0520
• R2= 1.0590
• R3= 1.0661

Have a great day!