May 14 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, 14th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the US Dollar was traded stronger against Euro, forced my model to mixed with downside bias as the pair has violated both hourly and 4h trend line. Immediate support seen at 1.5430 area. Initial resistance at 1.5510 area. CCI heading down toward -100 line on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5410
• S2= 1.5352
• S3= 1.5275
• R1= 1.5545
• R2= 1.5622
• R3= 1.5680

GBPUSD Outlook
The Sterling could not maintain it’s gain against Greenback yesterday. The GBPUSD bottomed at 1.9418 and closed at 1.9453. My model is mixed with upside bias as CCI already in oversold area in all three time frames (1h, 4h, daily). Immediate support seen at 1.9430. Initial resistance at 1.9502

GBPUSD Daily Supports and Resistances:

• S1= 1.9384
• S2= 1.9315
• S3= 1.9213
• R1= 1.9555
• R2= 1.9657
• R3= 1.9726

USDJPY Outlook
Yesterday the USDJPY reached my upper target at 104.50, even further, topped at 104.91. My model remains long targeting 105.30 area. Immediate support seen at 104.25. CCI in overbought area on 4h chart, so watch out for a minor downside pullback.

USDJPY Daily Supports and Resistances:

• S1= 103.73
• S2= 102.79
• S3= 102.20
• R1= 105.26
• R2= 105.85
• R3= 106.79

USDCHF Outlook
Yesterday the Swiss Franc was traded weaker against Greenback. My model for USDCHF is long. Immediate support seen at 1.0500 followed by 1.0460. Initial resistance at 1.0590 area. CCI in neutral area, heading up toward 100 line on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0447
• S2= 1.0363
• S3= 1.0309
• R1= 1.0585
• R2= 1.0639
• R3= 1.0723

Have a nice day!