Mon, 14th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
In last three days, the Greenback slumped against Euro. Friday, the pair topped at 1.5947 and closed at 1.5936, but sharply corrected early today in Asian market, bottomed at 1.5882 (temporarily?). It’s a little bit tricky at this phase. My model is mixed with neutral bias.  A correctional downside move towards 1.5800 area might happen as the pair already in overbought area on daily chart. The nearest key level (support) is 1.5850. Should the bullish momentum continue, the pair is heading towards 1.6019 (22/04/2008 high) level.

EURUSD Daily Supports and Resistances:

• S1= 1.5818
• S2= 1.5700
• S3= 1.5636
• R1= 1.6000
• R2= 1.6064
• R3= 1.6182

GBPUSD Outlook
The Greenback also slumped against Sterling on Friday, but corrected early today in Asian market. My model for today is mixed with downside bias. Immediate support is seen at 1.9780 which also the nearest key level at this phase. A break to the downside could trigger further correctional downside move, while consistent move above that level can be seen at long opportunity targeting 2.0000 area. Initial resistance is seen at 1.9958 (Friday’s high). CCI heading up towards 100 line on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9775
• S2= 1.9661
• S3= 1.9570
• R1= 1.9980
• R2= 2.0071
• R3= 2.0185

USDJPY Outlook
The USDJPY attempted to push lower Friday, but failed to move below key level 105.50. My model is long, targeting 107.15. Immediate support is seen at 105.90. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 105.51
• S2= 104.76
• S3= 103.87
• R1= 107.15
• R2= 108.04
• R3= 108.79

USDCHF Outlook
The US Dollar slumped against the Swiss Franc on Friday. The pair bottomed at 1.0136 and closed at 1.0160, but corrected early today in Asian market. My model is mixed with downside bias. Immediate resistance is seen at 1.0230. Initial support at 1.0136 (Friday’s low). CCI about to cross -100 line down on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0096
• S2= 1.0033
• S3= 0.9930
• R1= 1.0262
• R2= 1.0365
• R3= 1.0428

Have a nice day!