Mon, 07th of April, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
After worse than expected US NFP data Friday, the EURUSD try to made further upside attempt, broke the 1.5725 key level and top at 1.5774. Although some traders may see this as an indecisive market reaction of the NFP data, today as long as the pair able to stay above 1.5725 area, we can hope for another attempt upside targeting 1.5800 area. The immediate support seen at 1.5660-70.

EURUSD Daily Supports and Resistances:

• S1= 1.5658
• S2= 1.5579
• S3= 1.5521
• R1= 1.5795
• R2= 1.5853
• R3= 1.5932

GBPUSD Outlook
Despite a weak US NFP data yesterday, the GBPUSD can not maintain the short term bullish momentum. I am expecting further bearish scenario today. Immediate support at 1.9870 before heading for 1.9750.

GBP Daily Supports and Resistances:

• S1= 1.9877
• S2= 1.9822
• S3= 1.9736
• R1= 2.0018
• R2= 2.0104
• R3= 2.0159

USDJPY Outlook
In the bigger picture, the USDJPY should testing the key level  103.66 (61.8% Fibonacci retracement from 108.60 to 95.73). CCI is already in overbought area and about to cross psychological 100 line, so further downside movement might happen today. Immediate support at 101.50 area.

USDJPY Daily Supports and Resistances:

• S1= 101.12
• S2= 100.78
• S3= 100.12
• R1= 102.12
• R2= 102.78
• R3= 103.12

USDCHF Outlook
The USDCHF has moved in ranging area between 1.0197 and 0.9988 for the last 4 days. I am expecting a downside break out since we saw double top pattern of 24/03/2008 and 03/04/2008 high and CCI is moving down on the daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0004
• S2= 0.9952
• S3= 0.9890
• R1= 1.0118
• R2= 1.0180
• R3= 1.0232