» A new high for EURUSD?

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After maintain to move above 1.5350 support area yesterday, the bullish momentum for EURUSD seems unstoppable. I am expecting that today we could see the price reach 1.5904 (17/03/2008 high), or even find a new high. Immediate support is seen at 1.5558 (23.6 % Fibonacci retracement from 1.4450 to 1.9504).

EURUSD Daily Supports and Resistances:

• S1= 1.5665
• S2= 1.5487
• S3= 1.5390
• R1= 1.5940
• R2= 1.6037
• R3= 1.6215

GBPUSD Outlook
Although Sterling’s bullish momentum as not as strong as EURUSD, I believe the GBPUSD is still going up as long as the pair maintain to move above 1.9989 area ( 61.8 % Fibonacci retracement from 1.9336 to 2.397). The nearest target is 2.0152 then 2.0204 area.

GBPUSD Supports and Resistances:

• S1= 1.9964
• S2= 1.9853
• S3= 1.9780
• R1= 2.0148
• R2= 2.0221
• R3= 2.0332

USDJPY Outlook
After failed to maintain moving above 100.63 resistance level, we can see 2 bearish candle for the last 2 days. Very bearish scenario in my point of view. I expect the USDJPY to able to move below 99.77 area to keep this strong bullish momentum, targeting 97.66 (19/03/2008 low) before aiming for 95.73 level.

USDJPY Daily Supports and Resistances:

• S1= 98.45
• S2= 97.93
• S3= 96.99
• R1= 99.91
• R2= 100.80
• R3= 101.37

USDCHF Outlook
The Swiss Franc were able to maintain below 0.9988 yesterday, and closed at 0.9987. Technically speaking, USDCHF is strongly moving toward 0.9786 (18/03/2008 low) and then 0.9644 area.

USDCHF Daily Support and Resistances:

• S1= 0.9807
• S2= 0.9727
• S3= 0.9574
• R1= 1.0040
• R2= 1.0193
• R3= 1.0273

This entry was posted on Wednesday, March 26th, 2008 at 11:56 pm and is filed under Market Analysis.
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