The Greenback strike back

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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Wed, 02th of April, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After reach the top at 1.5896 (31/03/2008 high), EURUSD seems to complete double top formation of all time high 1.5904. This rejection should open the the door for EURUSD to back in bearish short term view and retesting 1.5350 area again. Immediate support at 1.5560.

EURUSD Daily Supports and Resistance

• S1= 1.5529
• S2= 1.5435
• S3= 1.5307
• R1= 1.5751
• R2= 1.5879
• R3= 1.5973

GBPUSD Outlook
Yesterday, the weakness of the Sterling continued. Yesterday’s low at 1.9729 could be considered as a double bottom of 1.9735 (20/03/2008 low), so a minor rebound might be happen today. But the overall scenario for GBPUSD is still bearish, targeting 1.9586 area.

GBPUSD Daily Supports and Resistances

• S1= 1.9710
• S2= 1.9647
• S3= 1.9565
• R1= 1.9855
• R2= 1.9937
• R3= 2.0000

USDJPY Outlook
Yesterday, the USDJPY made a break out upside, breaking the 100.63 resistance and reached top at 102.15, giving me a short/medium bullish outlook. The minor support is seen at 101.15. CCI is showing that the pair might be overbought now.

USDJPY Daily Supports and Resistances:

• S1= 100.15
• S2= 98.59
• S3= 97.59
• R1= 102.71
• R2= 103.71
• R3= 105.27

USDCHF Outlook
Following EURUSD, the USDCHF was traded weaker yesterday and convincingly stayed above 0.9988 (23.6 % Fibonacci retracement from 1.1106 to 0.9636), targeting 1.0197 area (38.2% Fibonacci retracement from 1.1106 to 0.9636). Immediate support at 1.0060.

USDCHF Daily Supports and Resistances

• S1= 0.9881
• S2= 0.9815
• S3= 0.9759
• R1= 1.0003
• R2= 1.0059
• R3= 1.0125