Wed, 30th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday I said that EURUSD need to stay consistently above 1.5750 area to keep the bullish momentum intact. The fact was the EURUSD failed to do so, only topped at 1.5757 before sharply fell and bottomed at 1.5552. Technically, this is a violation to the bullish outlook and give a positive view on US Dollar. My model is short, targeting 1.5460. Immediate resistance is seen at 1.5630. CCI in oversold area on daily chart so we might have a minor upside pullback today.

EURUSD Daily Supports and Resistances:

• S1= 1.5504
• S2= 1.5425
• S3= 1.5299
• R1= 1.5709
• R2= 1.5835
• R3= 1.5914

GBPUSD Outlook
The Sterling slumped against Greenback yesterday. The pair bottomed at 1.9760 and closed at 1.9799. I am expecting further downside scenario today. My model goes short targeting 1.9740. Immediate resistance is seen at 1.9845. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9717
• S2= 1.9635
• S3= 1.9511
• R1= 1.9923
• R2= 2.0047
• R3= 2.0129

USDJPY Outlook
Like all other major currencies, the Japanese Yen slumped against Greenback yesterday. The USDJPY topped at 108.29 and closed at 108.15. My model is mixed with upside bias. We seem to have important resistance at 108.40 area. Immediate support is seen at 107.96 followed by 107.50. CCI in overbought area on daily chart, so a downside pullback might happen today.

USDJPY Daily Supports and Resistances:

• S1= 107.53
• S2= 106.92
• S3= 106.54
• R1= 108.52
• R2= 108.90
• R3= 109.51

USDCHF Outlook
The Swiss Franc also slumped against US Dollar yesterday. The pair topped at 1.0477 and closed at 1.0467. My model is mixed with neutral bias as the pair seems overbought right now. Immediate support is seen at 1.0400. Initial resistance at 1.0490. CCI in overbought area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0362
• S2= 1.0257
• S3= 1.0200
• R1= 1.0524
• R2= 1.0581
• R3= 1.0686

Have a great day!