US Dollar: Quiet before the storm

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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01th of April, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday EURUSD failed to make break out upside from 1.5904 and 1.5560 ranging area. Although I am beginning to doubt the bullish strength, today I am expecting that EURUSD is going to make another test to break upside and maintain to move above 1.5904. Immediate minor support is 1.5725.

EURUSD Daily Supports and Resistance

S1= 1.5715
S2= 1.5669
S3= 1.5579
R1= 1.5851
R2= 1.5941
R3= 1.5987

GBPUSD Outlook
So far, GBPUSD maintain to move below 1.9863 (50% Fibonacci retracement from 1.9336 to 2.0397) which is very supporting for continuing bearish view. Nearest target is 1.9743( 38.2 Fibonacci retracement from 1.9336 to 2.0397) and then 1.9585.

GBPUSD Daily Supports and Resistances

S1= 1.9769
S2= 1.9706
S3= 1.9601
R1= 1.9937
R2= 2.0042
R3= 2.0105

USDJPY Outlook
We saw a weaker Dollar against the Japanese Yen yesterday, but USDJPY is still moving in ranging market between 100.63 and 98.77 area ( 38.2% and 23.6% Fibonacci retracement from 108.60 to 95.73). I am expecting USDJPY would break out from that ranging movement today.

USDJPY Daily Supports and Resistances:

S1= 99.08
S2= 98.26
S3= 97.71
R1= 100.45
R2= 101.00
R3= 101.82

USDCHF Outlook
Still in bearish mode, but USDCHF need to at least break the minor support at 1.9850 before targeting 0.9636 (17/03/2008 low). Immediate resistance at 0.9988. Keep watching the co-relation with EURUSD.

USDCHF Daily Supports and Resistances

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