May 08 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

Thu, 08th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Euro suffered huge losses yesterday, bottomed at 1.5365. Early today, the EURUSD has broke the key level 1.5341 and bottomed at 1.5284 (temporarily?), which is technically very bearish momentum. My model is short. Immediate support seen at 1.5252 area. Initial resistance at 1.5350. CCI already in oversold area on daily chart, so watch out for upside risk.

EURUSD Daily Supports and Resistances:

• S1= 1.5328
• S2= 1.5260
• S3= 1.5155
• R1= 1.5501
• R2= 1.5606
• R3= 1.5674

GBPUSD Outlook
After 2 days of indecisive market, yesterday GBPUSD made a significant downside move, bottomed at 1.9502. My model is short. The nearest target is 1.9450 area followed by 1.9410. Initial resistance seen at 1.9580 area. CCI extremely in oversold area, so watch out for upside correction.

GBPUSD Daily Supports and Resistances:

• S1= 1.9451
• S2= 1.9360
• S3= 1.9219
• R1= 1.9683
• R2= 1.9824
• R3= 1.9915

USDJPY Outlook
The USDJPY attempted to push higher yesterday, but further bullish movement was rejected. The pair topped at 105.59, but closed at 104.67. This fact forced my model to mixed with neutral bias. Immediate support seen at 104.02 area. Initial resistance at 105.20.

USDJPY Daily Supports and Resistances:

• S1= 104.30
• S2= 103.93
• S3= 103.29
• R1= 105.31
• R2= 105.98
• R3= 106.32

USDCHF Outlook
The bullish momentum of USDCHF continued yesterday. The pair is now targeting 1.0750 area and seems in strong momentum to chase bigger target at 1.0916 level. My model is long. Immediate support at 1.0550 followed by 1.0502. Initial resistance at 1.0640.

USDCHF Daily Supports and Resistances:

• S1= 1.0504
• S2= 1.0466
• S3= 1.0423
• R1= 1.0585
• R2= 1.0628
• R3= 1.0666

Have a great day!