Move in ranging market, EURUSD needs a break out

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.

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Mon, 31th of March, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
On the daily chart, EURUSD is moving in ranging market condition, trapped between 1.5904 and 1.5560 (Fibonacci retracement from 1.4450 to 1.5904) area. So, I think we need a break out. An upside break out will bring EURUSD to 1.6000 area, while a downside break out could end the bullish view.

EURUSD Daily Supports and Resistance

S1= 1.5744
S2= 1.5695
S3= 1.5648
R1= 1.5840
R2= 1.5887
R3= 1.5936

GBPUSD Outlook
GBPUSD has a big potential to be in a bearish trend. After failed to maintain move above 1.9989 area, the Sterling could make 1.9743 ( 38.2 Fibonacci retracement from 1.9336 to 2.0397) area as the next target. Immediate support seen at 1.9863 (50% Fibonacci retracement)

GBPUSD Daily Supports and Resistances

S1= 1.9853
S2= 1.9762
S3= 1.9644
R1= 2.0062
R2= 2.0180
R3= 2.0271

USDJPY Outlook
Like EURUSD, the Japanese Yen is moving in ranging market between 100.63 and 98.77 area ( 38.2% and 23.6% Fibonacci retracement from 108.60 to 95.73). So we also need a break out. I am expecting for an upside break out since I saw a hammer formation on the weekly chart.

USDJPY  Daily Supports and Resistances:

S1= 98.75
S2= 98.28
S3= 97.46
R1= 100.04
R2= 100.86
R3= 101.33

USDCHF Outlook
The Swiss Franc has consistently moved below 0.9988 area for the last three days, so the bearish trend is still in my favor. I also pay a high attention to the co-relation with EURUSD. If EURUSD makes a break out upside, the bearish view for USDCHF has a big chance to continue and targeting 0.9636 (100% Fibonaci retracement). Immediate resistance is at 0.9988.

USDCHF Daily Supports and Resistances

S1= 0.9909
S2= 0.9868
S3= 0.9825
R1= 0.9993
R2= 1.0036
R3= 1.0077