EURUSD Outlook

It looks like the support level at 1.5350 (38.2 % Fibonacci retracement from 1.4450 to 1.9504) is strong enough to stop USD stronger reversal and continuing EURUSD bullish trend. EURUSD is now finding new immediate support around 1.5560-70 area (23.6% Fibonacci retracement and 13/03/2008 high) targeting 1.5904 again.

EURUSD Daily Supports and Resistances

• S1= 1.5470
• S2= 1.5313
• S3= 1.5219
• R1= 1.5721
• R2= 1.5815
• R3= 1.5972

GBPUSD Outlook

After strengthen and break 1.9989 level (61.8% Fibonacci retracement from 1.9336 to 2.0397), the Cable is now in strong bullish momentum. The nearest target is 2.0152 (19/03/2008 high) which I expect could be touched today.

GBP Daily Supports and Resistances

• S1= 1.9907
• S2= 1.9767
• S3= 1.9688
• R1= 2.0126
• R2= 2.0205
• R3= 2.0345

USDJPY Outlook

The USDJPY break the 100.63 resistance area (38.2% Fibonacci retracement from 108.60 to 95.73) yesterday, but close down below at 99.98. I expect this to be a trigger for continuing the overall bearish scenario targeting 98.77 (23.6 %Fibonacci retracement) and then 95.73 (17/03/2008 low)

USDJPY Supports and Resistances

• S1= 99.39
• S2= 98.80
• S3= 97.99
• R1= 100.79
• R2= 101.60
• R3= 102.19

USDCHF Outlook

Like the other major pairs, I expect the USDCHF back to it’s major trend, bearish. Yesterday the Swiss Franc failed to maintain moving above 1.0197 area (38.2% Fibonacci retracement from 1.1096 to 0.9636). I expect it to reach and maintain below 0.9988 area ( 23.6 % Fibonacci retracement) today to keep it in bearish momentum.

USDCHF Daily Supports and Resistances

• S1= 1.0061
• S2= 1.0058
• S3= 1.0078
• R1= 1.0044
• R2= 1.0024
• R3= 1.0027