May 07 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

Wed, 07th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday EURUSD sustained the upside correctional move, topped at 1.5594. However, the pair need to stay below 1.5650 area to keep current bearish short term intact and continue chasing 1.5341. If not, the pair might back to it’s major bullish trend. My model is mixed with downside bias. Immediate support seen at 1.5460 area. Initial resistance at 1.5594 (yesterday’s high). CCI in neutral zone.

EURUSD Daily Supports and Resistances:

• S1= 1.5456
• S2= 1.5382
• S3= 1.5313
• R1= 1.5599
• R2= 1.5668
• R3= 1.5742

GBPUSD Outlook
Yesterday the GBPUSD made a similar movement to 05/05/2008, made a doji formation on daily chart. Two dojis in a row on daily chart suggest an indecision market. My model is mixed with downside bias. Immediate support seen at 1.9635. Initial resistance at 1.9740.

GBPUSD Daily Supports and Resistances:

• S1= 1.9654
• S2= 1.9575
• S3= 1.9516
• R1= 1.9792
• R2= 1.9851
• R3= 1.9930

USDJPY Outlook
The USDJPY attempted to push lower yesterday, but further downside move seems limited as the pair bottomed at 104.02 but closed higher at 104.72. My model is mixed with upside bias. Immediate support seen at 104.40. Initial resistance at 105.20.

USDJPY Daily Supports and Resistances:

• S1= 104.12
• S2= 103.52
• S3= 103.02
• R1= 105.22
• R2= 105.72
• R3= 106.32

USDCHF Outlook
Similar to USDJPY, yesterday  the bearish momentum of USDCHF seems to be limited as the pair bottomed at 1.0425 but closed higher at 1.0516. My model is mixed with downside bias. Immediate support at 1.0425 (yesterday’s low). Initial resistance at 1.0570.

USDCHF Daily Supports and Resistances:

• S1= 1.0444
• S2= 1.0372
• S3= 1.0320
• R1= 1.0568
• R2= 1.0620
• R3= 1.0692