Tue, 01th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Greenback recovered against Euro yesterday as I had expected. Today I am expecting further downside correction. My model is short, targeting 1.5650. Immediate resistance is seen at 1.5770. CCI in overbought area and about to cross 100 line down.

EURUSD Daily Supports and Resistances:

• S1= 1.5711
• S2= 1.5668
• S3= 1.5606
• R1= 1.5816
• R2= 1.5878
• R3= 1.5921

GBPUSD Outlook
The Greenback made a minor recovery against Sterling yesterday. My hourly bullish channel has violated to the downside. My model goes short targeting 1.9800. Immediate resistance is seen at 1.9950. CCI in overbought area and heading down.

GBPUSD Daily Supports and Resistances:

• S1= 1.9888
• S2= 1.9841
• S3= 1.9802
• R1= 1.9974
• R2= 2.0013
• R3= 2.0060

USDJPY Outlook
Yesterday USDJPY hit my short target at 105.10, even further, bottomed at 104.98. However, after hit yesterday’s low, the pair bounce back to the upside and closed at 106.07. This downside rejection could be the end of correctional move of bullish scenario which had started on 18/03/2008. The pair need to stay above 105.50 in order to keep the bullish scenario intact. My model is mixed with upside bias. Immediate support is seen at 105.90. Initial resistance at 106.70.

USDJPY Daily Supports and Resistances:

• S1= 105.21
• S2= 104.35
• S3= 103.73
• R1= 106.69
• R2= 107.31
• R3= 108.17

USDCHF Outlook
The USDCHF made a minor correctional movement yesterday. I am not surprised as the pair is already in oversold area. My model is mixed with upside bias. Immediate support is seen at 1.0165. Initial resistance at 1.0265. CCI in oversold area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0151
• S2= 1.0096
• S3= 1.0064
• R1= 1.0238
• R2= 1.0270
• R3= 1.0325

Have a great day!