May 05 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

Mon, 05th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
EURUSD continued it’s bearish momentum on Friday. The pair bottomed at 1.5360 but closed a little bit higher at 1.5423. Today, the pair might attempt to chase 1.5341 area. My model is short. CCI in oversold area and about to cross -100 line up so watch out for upside risk. Initial resistance at 1.5500.

EURUSD Daily Supports and Resistances:

• S1= 1.5356
• S2= 1.5289
• S3= 1.5218
• R1= 1.5494
• R2= 1.5565
• R3= 1.5632

GBPUSD Outlook
Last week the GBPUSD tried to make downside movements, but the pair always failed to break the trend line support on daily chart. My model remains short. Immediate support seen at 1.9650 area. Initial resistance at 1.9810. CCI about to cross -100 line down on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9648
• S2= 1.9579
• S3= 1.9455
• R1= 1.9841
• R2= 1.9965
• R3= 2.0034

USDJPY Outlook
The USDJPY continued it’s bullish momentum. On both daily and weekly chart, the pair seems in a very solid upside scenario. My model is long. However, CCI already in overbought area on daily chart so a minor downside correction might happen today. Immediate support at 104.90 area. Initial resistance at 106.50

USDJPY Daily Supports and Resistances:

• S1= 104.58
• S2= 103.77
• S3= 103.21
• R1= 105.95
• R2= 106.51
• R3= 107.32

USDCHF Outlook
USDCHF is in strong bullish momentum. Technically speaking in bigger picture, the pair should chasing 1.0916 area. My model is long. CCI in overbought area so downside correction might happen today. Immediate support at 1.0503 followed by 1.0470. Initial resistance at 1.0640 area.

USDCHF Daily Supports and Resistances:

• S1= 1.0488
• S2= 1.0405
• S3= 1.0346
• R1= 1.0630
• R2= 1.0689
• R3= 1.0772

Have a great day!