May 20 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

Tue, 20th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the EURUSD tried to push higher. The pair topped at 1.5632, 18 pips away from my 1.5650 long target. But the EURUSD could not maintain this bullish momentum and sharply decline and bottomed at 1.5487. My model remains long as both 1h and 4h bullish trend line and channel is still intact. Immediate support seen at 1.5480 area. Initial resistance at 1.5590. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5460
• S2= 1.5401
• S3= 1.5315
• R1= 1.5605
• R2= 1.5691
• R3= 1.5750

GBPUSD Outlook
The Sterling could not maintain the bullish momentum yesterday. Similar to EURUSD, the GBPUSD tried to go higher, topped at 1.9622 and fell sharply, bottomed at 1.9453. My model is mixed with downside bias as the pair violated my bullish trend line. Immediate support seen at 1.9440. Initial resistance at 1.9590. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9419
• S2= 1.9351
• S3= 1.9250
• R1= 1.9588
• R2= 1.9689
• R3= 1.9757

USDJPY Outlook
Yesterday, my bullish short term view of the USDJPY still intact, but the bullish strength had less power than what I had expected. My model is mixed with downside  bias. Immediate support seen at 103.50 area. Initial resistance at 104.70. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 103.73
• S2= 103.14
• S3= 102.66
• R1= 104.80
• R2= 105.28
• R3= 105.87

USDCHF Outlook
Yesterday the Swiss Franc was traded weaker against the Dollar, keep the bullish scenario intact for USDCHF. The pair broke the key level 1.0425, bottomed at 1.0413 but failed to push lower, topped at 1.0571 and closed higher at 1.0526. My model is long targeting 1.0600 area. Immediate support seen at 1.0480 followed by 1.0425. CCI in neutral area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0435
• S2= 1.0345
• S3= 1.0277
• R1= 1.0593
• R2= 1.0661
• R3= 1.0751

Have a great day!