May 12 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, 12th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Euro continued to move stronger against Greenback on Friday after the downside movement rejected at 1.5284 on Thursday. My model is long, targeting 1.5525 area followed by 1.5570. Immediate support seen at 1.5420. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5420
• S2= 1.5358
• S3= 1.5324
• R1= 1.5516
• R2= 1.5550
• R3= 1.5612

GBPUSD Outlook
On the daily chart, the downside movement of major bearish trend for GBPUSD seems to found strong support from the trend line. My model is neutral with downside bias. Immediate support at 1.9460. Initial resistance at 1.9570.

GBPUSD Daily Supports and Resistances:

• S1= 1.9475
• S2= 1.9412
• S3= 1.9366
• R1= 1.9584
• R2= 1.9630
• R3= 1.9693

USDJPY Outlook
Further downside move of USDJPY rejected at 102.70 area, which is a strong support on daily chart as we can see at least there are 6 days bottomed at 102.60-70 area from 03/03/2008. My model is long, targeting 103.60 area. Immediate support seen at 102.60-70 area. CCI in oversold zone on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 102.32
• S2= 101.79
• S3= 100.97
• R1= 103.67
• R2= 104.49
• R3= 105.02

USDCHF Outlook
Friday, The USDCHF broke 1.0425 area, bottomed at 1.0388 and closed at 1.0410. My model is mixed with upside bias as the downside trend line was violated on hourly chart early today. Immediate support seen at 1.0388 (Friday’s low). Initial resistance at 1.0500 area. CCI in neutral area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0360
• S2= 1.0311
• S3= 1.0234
• R1= 1.0486
• R2= 1.0563
• R3= 1.0612