June 24 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.

About Me My Articles

Tue, 24th of June, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD failed to move further above 1.5650 key level yesterday, sharply fall, bottomed at 1.5468 and closed at 1.5515. This fact forced my model to mixed with no trading zone for today. Should the pair move consistently above 1.5550 today, the pair might attempt to break 1.5650 once again. Only a movement below 1.5450 will trigger further bearish momentum. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistance:

• S1= 1.5446
• S2= 1.5377
• S3= 1.5286
• R1= 1.5606
• R2= 1.5697
• R3= 1.5766

GBPUSD Outlook

Yesterday the Greenback recovered against Sterling as the pair met double top formation and trend line resistance. This fact turn my eyes on a valid down trend line at daily chart and my model goes short, targeting 1.9550. Immediate resistance is seen at 1.9670. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistance

• S1= 1.9571
• S2= 1.9493
• S3= 1.9401
• R1= 1.9741
• R2= 1.9833
• R3= 1.9911

USDJPY Outlook

Yesterday the USDJPY topped at 108.06, 14 pips lower than my long target at 108.20. My model remains long, targeting 108.70. We have a strong resistance at 108.50 area. Immediate support is seen at 107.60. CCI in heading up towards 100 line on daily chart.

USDJPY Daily Supports and Resistance

• S1= 107.31
• S2= 106.78
• S3= 106.41
• R1= 108.21
• R2= 108.58
• R3= 109.11

USDCHF Outlook

The Swiss Franc slumped against US Dollar yesterday. The USDCHF topped at 1.0492 and closed at 1.0454. My model goes long, targeting 1.0550. Immediate support is seen at 1.0420. CCI heading up towards 100 line on daily chart.

USDCHF Daily Supports and Resistance:

• S1= 1.0366
• S2= 1.0278
• S3= 1.0215
• R1= 1.0517
• R2= 1.0580
• R3= 1.0668

Have a great day!