May 06 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, 06th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Euro was recovered from it’s losses against Dollar yesterday, topped at 1.5519 and closed at 1.5498. Although further upside correction moves might happen again today, my model remains short. Immediate support seen at 1.5460 followed by 1.5420. Initial resistance at 1.5560 area.

EURUSD Daily Supports and Resistances:

• S1= 1.5441
• S2= 1.5384
• S3= 1.5345
• R1= 1.5537
• R2= 1.5576
• R3= 1.5633

GBPUSD Outlook
Yesterday the GBPUSD failed to push lower. Further downside movement was rejected as the pair bottomed at 1.9654 and closed at 1.9729. My model is mixed but still with downside bias. 1.9650 area should be a good support for now. Initial resistance seen at 1.9790 area.

GBPUSD Daily Supports and Resistances:

• S1= 1.9660
• S2= 1.9592
• S3= 1.9530
• R1= 1.9790
• R2= 1.9852
• R3= 1.9920

USDJPY Outlook
The USDJPY was corrected lower yesterday. This fact forced my model to mixed with downside bias for today, since CCI is already in overbought zone and about to cross 100 line down on daily chart. Immediate support seen at 104.40 area. Initial resistance at 105.20.

USDJPY Daily Supports and Resistances:

• S1= 104.66
• S2= 104.41
• S3= 104.09
• R1= 105.23
• R2= 105.55
• R3= 105.80

USDCHF Outlook
The Swiss Franc was traded stronger against Dollar yesterday and seems to found minor downside momentum. My model is mixed with downside bias. Immediate support at 1.0470 followed by 1.0425.

USDCHF Daily Supports and Resistances:

• S1= 1.0493
• S2= 1.0457
• S3= 1.0406
• R1= 1.0580
• R2= 1.0631
• R3= 1.0667