May 09 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

Fri, 09th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday, further downside movement of EURUSD was rejected as the pair bottomed at 1.5284 in asian market, but closed at 1.5403, formed a long legged doji on daily chart. This fact forced my model to mixed with upside bias since CCI about to cross -100 line up on daily chart. Immediate support at 1.5350. Initial resistance at 1.5475

EURUSD Daily Supports and Resistances:

• S1= 1.5311
• S2= 1.5219
• S3= 1.5155
• R1= 1.5467
• R2= 1.5531
• R3= 1.5623

GBPUSD Outlook
The bearish momentum of GBPUSD seems to losing it’s power yesterday. The pair topped at 1.9621 but closed at 1.9547, showed that upside movement is also limited now. My model is mixed with neutral bias. CCI in oversold area and moving up toward -100 line on daily chart. Immediate support at 1.9520 followed by 1.9460. Initial resistance at 1.9621 (yesterday’s high).

GBPUSD Daily Supports and Resistances:

• S1= 1.9493
• S2= 1.9439
• S3= 1.9375
• R1= 1.9611
• R2= 1.9675
• R3= 1.9729

USDJPY Outlook
The Greenback slumped against Japanese Yen yesterday. The USDJPY bottomed at 103.40, broke the key level at 103.66. My model is short. Immediate support seen at 102.80 area. Initial resistance at 104.10. CCI is moving down toward -100 line.

USDJPY Daily Supports and Resistances:

• S1= 103.12
• S2= 102.48
• S3= 101.56
• R1= 104.68
• R2= 105.60
• R3= 106.24

USDCHF Outlook
Following the Euro, Swiss Franc was traded a little bit weaker yesterday. My model remains long as far as the pair stay above 1.0425 area. Eyes on co-relation with EURUSD. Immediate support at 1.0425. Initial resistance at 1.0525. CCI in neutral zone on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0446
• S2= 1.0390
• S3= 1.0301
• R1= 1.0591
• R2= 1.0680
• R3= 1.0736

Have a great weekend!