Today’s 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, 15th of April, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Euro was traded stronger against Dollar yesterday. Today, this bullish momentum should continue since none of my technical indicators show  otherwise. Immediate support at 1.5775. Initial support at psychological 1.5904 area.

EURUSD Daily Supports and Resistances:

• S1= 1.5709
• S2= 1.5583
• S3= 1.5496
• R1= 1.5922
• R2= 1.6009
• R3= 1.6135

GBPUSD Outlook
Like Euro, the Sterling was traded stronger yesterday topped at 1.9893 against Dollar, but GBPUSD failed to maintained above key level 1.9864 and closed at 1.9762. My model is still short. Immediate resistance at 1.9832. Initial support seen at 1.9650-60 area

GBPUSD Daily Supports and Resistances:

• S1= 1.9647
• S2= 1.9533
• S3= 1.9410
• R1= 1.9884
• R2= 2.0007
• R3= 2.0121

USDJPY Outlook
After unable to test 103.66 key level, we have a choppy trading of USDJPY. For me the short/medium trend is mixed now with the downside bias. Immediate support seen at 100.60 followed by 100.20.

USDJPY Daily Supports and Resistances:

• S1= 100.44
• S2=   99.77
• S3=   99.24
• R1= 101.64
• R2= 102.17
• R3= 102.84

USDCHF Outlook
Following the Euro, the Swiss Franc was traded stronger against Dollar. My model for USDCHF is remain short targeting 0.9862. Immediate resistance at 1.0075 (yesterday’s high). Initial support at 0.9966.

USDCHF Daily Supports and Resistances:

• S1= 0.9920
• S2= 0.9850
• S3= 0.9767
• R1= 1.0064
• R2= 1.0138
• R3= 1.0208