Fri, 25th of April, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the EURUSD continued a sharp sell off after failed to stay above 1.6000 area. The pair bottomed at 1.5638. My short term model is short, but we might see a choppy market today since the pair seem to be oversold now. Yesterday’s low, 1.5638 seems to be an important support. Initial resistance at 1.5775.

EURUSD Daily Supports and Resistances:

• S1= 1.5582
• S2= 1.5484
• S3= 1.5331
• R1= 1.5833
• R2= 1.5986
• R3= 1.6084

GBPUSD Outlook
The Greenback also continued it’s stronger movement against Sterling yesterday. The pair broke the key level at 1.9740 (61.8% Fibonacci retracement from 1.9336 to 2.0397) and bottomed at 1.9685. My model is short, targeting 1.9630 area. Immediate resistance at 1.9795.

GBPUSD Daily Supports and Resistances:

• S1= 1.9665
• S2= 1.9610
• S3= 1.9535
• R1= 1.9795
• R2= 1.9870
• R3= 1.9925

USDJPY Outlook
The Dollar made another convincing stronger move against the Japanese Yen yesterday. My model is long targeting 105.00 area. CCI already in overbought area so watch out for minor downside pullback. Immediate support seen at 103.80 followed by 103.40.

USDJPY Daily Supports and Resistances:

• S1= 103.56
• S2= 102.82
• S3= 102.33
• R1= 104.79
• R2= 105.28
• R3= 106.02

USDCHF Outlook
Following the Euro, Swiss Franc was traded weaker against Dollar yesterday. The USDCHF broke out from ranging market (1.0200 – 0.9984), topped at 1.0383. My model is mixed with upside bias. CCI already in overbought area, so we might see a downside minor pullback or a choppy market today.  Immediate support at 1.0290 followed by 1.0230. Initial resistance at 1.0420.

USDCHF Daily Supports and Resistances:

• S1= 1.0204
• S2= 1.0057
• S3= 0.9968
• R1= 1.0440
• R2= 1.0529
• R3= 1.0676

Have a nice week end!