Mon, 21th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After made a new all time high at 1.5983 on 17/04/2008, EURUSD corrected broadly on Friday (18/04/2008), bottomed at 1.5710. My model is mixed with upside bias. The pair should stay above 1.5750 area to keep bullish scenario intact. Initial resistance at 1.5880. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5698
• S2= 1.5581
• S3= 1.5452
• R1= 1.5944
• R2= 1.6073
• R3= 1.6190

GBPUSD Outlook
After broke trend line on daily chart, the Sterling touched my 61.8 % Fibonacci retracement (from 1.9336 to 2.0397 ) target at 1.9990 area. Today, the pair need to stay and close above that level to confirm short/medium bullish trend. However, CCI is already at overbought area. Strong support seen at 1.9928. Initial resistance at 2.0050.

GBPUSD Daily Supports and Resistances:

• S1= 1.9907
• S2= 1.9836
• S3= 1.9791
• R1= 2.0023
• R2= 2.0068
• R3= 2.0139

USDJPY Outlook
The USDJPY also reached my 61.8 % Fibonacci retracement (from 108.60 to 95.73) target at 103.66 even much further, topped at 104.64 on Friday. My model is long, targeting 105.30. Immediate support at 103.00.

USDJPY Daily Supports and Resistances:

• S1= 102.40
• S2= 101.13
• S3= 100.01
• R1= 104.79
• R2= 105.91
• R3= 107.18

USDCHF Outlook
The Swiss Franc moved in ranging market between 1.0200 and 0.9984 area last week. My model for USDCHF is mixed with downside bias since CCI already in oversold area in daily chart. Immediate resistance seen at 1.0250. Initial support at 1.0080 area.

USDCHF Daily Supports and Resistances:

• S1= 1.0050
• S2=0.9920
• S3= 0.9803
• R1= 1.0297
• R2= 1.0414
• R3= 1.0544

Fri, 18th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

GBPUSD Outlook
Yesterday, the Sterling fight back against US Dollar, made more than 200 pips movement. From fundamental point of view, some believe that this is caused by a report that BOE may announce a plan to help the British economy/financial. From technical point of view, I am forced to change my model to mixed with upside bias, since the pair already broke the trend line (see Chart #1). We will see in days ahead, whether this is valid or false trend line break out caused by temporarily market sentiment as a reaction to BOE plan. On the daily chart, CCI is about to cross 100 line. This could be a warning for possibly further upside movement and even change of GBPUSD trend direction. The key level is 1.9990 area (61.9 % Fibonacci retracement from 1.9336 to 2.0397)

Chart #1

GBPUSD Daily Supports and Resistances:

• S1= 1.9749
• S2= 1.9603
• S3= 1.9516
• R1= 1.9982
• R2= 2.0069
• R3= 2.0215

Thur, 17th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD broke triple top resistance area, 1.5904, and set new all time high at 1.5978. Technically speaking, in the big picture, the pair is now chasing Fibonacci  Expansion projection at 1.6250 area. On the daily chart, CCI already in overbought area so watch out for a downside retracement today. Immediate support at 1.5904. Nearest Resistance at 1.6058

EURUSD Daily Supports and Resistances:

• S1= 1.5808
• S2= 1.5674
• S3= 1.5589
• R1= 1.6027
• R2= 1.6112
• R3= 1.6246

GBPUSD Outlook
The Sterling recovered versus Dollar yesterday, but my model for GBPUSD is still short. Immediate resistance at 1.9765 area, followed by 1.9850. Initial support at 1.9680, followed by 1.9620. CCI has cross – 100 level up, so another minor upside pullback might be happen today.

GBPUSD Daily Supports and Resistances:

• S1= 1.9613
• S2= 1.9504
• S3= 1.9408
• R1= 1.9818
• R2= 1.9914
• R3= 2.0023

USDJPY Outlook
The USDJPY tried to go lower yesterday bottomed at 100.82, but the Dollar recovered broadly and USDJPY closed at 101.77. On the daily chart, CCI in neutral area, but on the 4h chart, CCI already in overbought area and about to cross 100 line down. We might have a choppy market today. My model is mixed with downside bias. Immediate resistance seen at 102.30. Initial support at 101.25

USDJPY Daily Supports and Resistances:

• S1= 101.08
• S2= 100.39
• S3=   99.97
• R1= 102.19
• R2= 102.61
• R3= 103.30

USDCHF Outlook
Following the Euro, the Swiss Franc was traded stronger yesterday. My model for USDCHF is short targeting 0.9862. Immediate resistance at 1.0030 area. CCI about to cross 100 line down on the daily chart.

USDCHF Daily Supports and Resistances:

S1= 0.9921
S2= 0.9843
S3= 0.9748
R1= 1.0094
R2= 1.0189
R3= 1.0267

Wed, 16th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday, the Greenback recovered against Euro. EURUSD bottomed at 1.5752 and closed at 1.5786. This fact give me a mixed short term outlook on EURUSD, but the mid/long trend still very bullish. Immediate support at 1.5740 followed by key level 1.5700 area.

EURUSD Daily Supports and Resistances:

• S1= 1.5734
• S2= 1.5682
• S3= 1.5612
• R1= 1.5856
• R2= 1.5926
• R3= 1.5978

GBPUSD Outlook
The Sterling can not maintain Monday’s gain against Dollar. GBPUSD suffered huge lost yesterday, bottomed at 1.9599. My model is short, and the pair will test the 1.9584 support level (23.6% Fibonacci retracement from 1.9336 to 2.0397). But some minor retracement might be happen today, since on the daily chart CCI already in oversold area.

GBPUSD Daily Supports and Resistances:

• S1= 1.9562
• S2= 1.9497
• S3= 1.9395
• R1= 1.9729
• R2= 1.9831
• R3= 1.9896

USDJPY Outlook
The Dollar recovered versus the Japanese Yen yesterday. My short term model for USDJPY remained mixed with upside bias. The key level today is 102.15. An upside break out from that level will bring the pair to make another test to 103.66 area. Immediate support seen at 101.35 area.

USDJPY Daily Supports and Resistances:

• S1= 100.12
• S2= 100.41
• S3= 100.03
• R1= 102.21
• R2= 102.59
• R3= 103.30

USDCHF Outlook
The Swiss Franc rallied convincingly against Dollar yesterday. USDCHF topped at 1.0086 and closed at 1.0068. My model is mixed with upside bias. Immediate support at 1.0015. Initial resistance is seen at 1.0140.

USDCHF Daily Supports and Resistances:

• S1= 0.9986
• S2= 0.9905
• S3= 0.9855
• R1= 1.0117
• R2= 1.0167
• R3= 1.0248

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

Mon, 14th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD made a big gaps, closed at 1.5807 on Friday, open at 1.5702 Monday. It is 105 pips gap. In my early days trading forex, my mentor always say this about gaps: “Gaps are made to be filled”. If that’s true, why do not buy EURUSD now? In my last technical view, I showed you the potential of bullish scenario, about every time EURUSD reach the psychological at area, the pair always made a higher low, and we also have a potential bullish triangle. Here are the chart I showed you on Friday (chart #1) compare with what happen early today (Chart #2).

Chart #1

Chart #2

Do you see the highlighted eclipse on Chart #2? The candle bottom is very near to triangle line. This means, if the bullish triangle is valid, this bottom could be the other higher low after touched psychological level. So, here are what I have in mind:

• Strong bullish momentum of technical analysis

• We have gaps, big gaps of 105 pips. Usually, this gaps are filled. And if it is filled, it goes in the same direction as technical view.

Of course, there is no 100% accuracy of any analysis and no one knows the future. But we should act based on the most logical thinking.

Fri, 11th of April, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday we all saw EURUSD made a new all time high at 1.5913, but the Greenback quickly recovered it’s losses and EURUSD closed at 1.5743. Technically, I see this as the third rejection of psychological 1.5904 level, a triple top on the daily chart. The key level is 1.5691 area (61.8% Fibonacci retracement from 1.5341 to 1.5913). As long as the pair sustained above this level, 1.6000 is still a realistic target. If not, the pair may reverse further to 1.5350 area just like the last time it reverse after touch 1.5904.

I also found interesting patterns on the daily chart. We have a triple top. After the pair reach the top, it always make a higher low. I Also see a potential bullish triangle (see Chart #1).

I am expecting we will see 1.6000 days ahead.

EURUSD Daily Supports and Resistances:

• S1= 1.5674
• S2= 1.5605
• S3= 1.5486
• R1= 1.5862
• R2= 1.5981
• R3= 1.6050

Thur, 10th of April, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the Euro was traded stronger against USD. The EURUSD reached high at 1.5863 and closed at 1.5835. The pair are now ready to retesting the all time high at 1.5904 area. Immediate support at 1.5800. On daily chart, CCI is about to cross psychological 100 line up.

EURUSD Daily Supports and Resistances:

• S1= 1.5724
• S2= 1.5613
• S3= 1.5544
• R1= 1.5904
• R2= 1.5973
• R3= 1.6084

GBPUSD Outlook
The GBPUSD recovered and made a rebound from short/medium bearish trend yesterday, topped at 1.9791 and closed at 1.9752. Although my model remains bearish for now, this minor correction might continue today since CCI is already in oversold area and about to cross psychological – 100 line up.  Immediate support at 1.9735 followed by 1.9680. Initial resistance at 1.9864.

GBPUSD Daily Supports and Resistances:

• S1= 1.9669
• S2= 1.9587
• S3= 1.9526
• R1= 1.9812
• R2= 1.9873
• R3= 1.9955

USDJPY Outlook
The Japanese Yen was traded stronger against USD yesterday. The USDJPY bottomed at 101.52 and closed at 101.75, but the short/medium upside movement targeting 103.66 area could not be said over. Immediate support at 100.63. CCI in neutral area on the daily chart.

USDJPY Daily Supports and Resistances:

• S1= 101.23
• S2= 100.71
• S3=   99.90
• R1= 102.56
• R2= 103.37
• R3= 103.89

USDCHF Outlook
Yesterday the USDCHF bottomed at 0.9974 and closed at 1.0011. I can not say this as a downside break out from ranging area I mentioned yesterday (1.0197 and 0.9988), but this bearish momentum should be strong enough for the pair to make further downside move, convincingly break out from the ranging area, and targeting 0.9860 area. Immediate resistance at 1.0050 area.

USDCHF Daily Supports and Resistances:

• S1= 0.9933
• S2= 0.9856
• S3= 0.9738
• R1= 1.0128
• R2= 1.0246
• R3= 1.0323

Wed, 09th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
EURUSD reach top at 1.5798 yesterday, but closed a little bit weaker at 1.5702. But my model is still bullish, so I am expecting the pair will make further upside attempt today. Immediate support at 1.5670, followed by 1.5625. Initial resistance at 1.5850.

EURUSD Daily Supports and Resistances:

• S1= 1.5651
• S2= 1.5600
• S3= 1.5527
• R1= 1.5775
• R2= 1.5848
• R3= 1.5899

GBPUSD Outlook
The Sterling slumped further against US Dollar yesterday, bottomed at 1.9664. The nearest target is 1.9586 (23.6% Fibonacci retracement from 2.0397 to 1.9336). On daily chart, CCI is already in oversold area, so watch out for a minor upside rebound. Immediate resistance at 1.9748.

GBPUSD Daily Supports and Resistances:

• S1= 1.9589
• S2= 1.9495
• S3= 1.9327
• R1= 1.9851
• R2= 2.0019
• R3= 2.0113

USDJPY Outlook
On the daily chart, the USDJPY seems to have strong resistances at 102.80-90 area. My short/medium outlook is still bullish and still targeting key level at 103.66. Immediate support at 102.25 followed by 101.50.

USDJPY Daily Supports and Resistances:

• S1= 101.98
• S2= 101.40
• S3= 101.05
• R1= 102.91
• R2= 103.26
• R3= 103.84

USDCHF Outlook
USDCHF still can not break out from ranging area between 1.0197 and 0.9988. As long as the pair stay below 1.0197, my model is still bearish. Immediate support at 1.0087.

USDCHF Daily Supports and Resistances:

• S1= 1.0088
• S2= 1.0031
• S3= 0.9998
• R1= 1.0178
• R2= 1.0211
• R3= 1.0268

Tue, 08th of April, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday, EURUSD was traded a little bit weaker against US Dollar, bottomed at 1.5626. But further downside movement were rejected since the pair closed stronger at 1.5715. Today I am expecting another upside attempt toward 1.5800 area before retesting all time high at 1.5904.

EURUSD Daily Supports and Resistances:

• S1= 1.5648
• S2= 1.5582
• S3= 1.5538
• R1= 1.5758
• R2= 1.5802
• R3= 1.5868

GBPUSD Outlook
My model is still bearish for GBPUSD. Immediate support seen at 1.9870 area followed by 1.9830. Initial resistance at 1.9950. On the daily chart, CCI is in the neutral area.

GBP Daily Supports and Resistances:

• S1= 1.9833
• S2= 1.9779
• S3= 1.9726
• R1= 1.9940
• R2= 1.9993
• R3= 2.0047

USDJPY Outlook
Yesterday the USDJPY was able to sustained the upside, top at 102.85 and closed above 102.23 (50%  Fibonacci retracement from 108.60 to 95.73). Today we might see another further upside attempt toward key level 103.66. CCI is still in overbought area and about to cross down psychological 100 line on the daily chart so a downside correctional move will not surprise me. Immediate support at 101.50

USDJPY Daily Supports and Resistances:

• S1= 101.61
• S2= 100.90
• S3= 100.28
• R1= 102.94
• R2= 103.56
• R3= 104.27

USDCHF Outlook
Yesterday the Swiss Franc still unable to make a break out from ranging market between 1.0197 and 0.9988. I am still expecting the USDCHF to make a downside break out. My short/medium scenario is still in bearish mode.

USDCHF Daily Supports and Resistances:

• S1= 1.0060
• S2= 0.9998
• S3= 0.9943
• R1= 1.0177
• R2= 1.0232
• R3= 1.0294