June 18 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, 18th of June, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD continued it’s bullish momentum yesterday, but with less power than I had expected. The pair topped at 1.5552 and closed at 1.5506. My model is mixed with no trading zone for today. I am expecting a ranging market today between 1.5450 and 1.5550. Any break out will give us a clearer direction. An upside break out will open the door towards key level 1.5650 while a downside break out could bring EURUSD targeting 1.5300 area once again. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5460
• S2= 1.5415
• S3= 1.5369
• R1= 1.5551
• R2= 1.5597
• R3= 1.5642

GBPUSD Outlook
Yesterday the Sterling failed to maintain it’s bullish momentum. The pair topped at 1.9698, 12 pips lower from my long target at 1.9710 before sharply fell to 1.9496 and closed at 1.9563. My model is mixed with no trading zone. The BOE MPC meeting today could be the main market mover. Immediate support seen at 1.9500. Initial resistance seen at 1.9580. CCI heading down towards -100 line on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9455
• S2= 1.9347
• S3= 1.9226
• R1= 1.9684
• R2= 1.9805
• R3= 1.9913

USDJPY Outlook
Yesterday the USDJPY made a minor downside correctional move as the pair is already overbought. Today I am expecting more downside correction. My model remains mixed with downside bias. Immediate support is seen at 107.50 followed by 107.00. Initial resistance at 108.40. CCI about to cross – 100 line down on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 107.57
• S2= 107.18
• S3= 106.77
• R1= 108.37
• R2= 108.78
• R3= 109.17

USDCHF Outlook
The Swiss Franc was traded a little bit stronger yesterday. The USDCHF opened at 1.0448 and closed at 1.0418. My model remains mixed with downside bias. Immediate support is seen at 1.0380. Initial resistance at 1.0450. CCI in neutral area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0376
• S2= 1.0335
• S3= 1.0295
• R1= 1.0457
• R2= 1.0497
• R3= 1.0538

Have a great day!