Thu, 31th of July, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the EURUSD made indecisive movement by opened and closed at almost the same price (1.5585 and 1.5577). It seems like the bearish momentum is limited right now, but the Greenback seems to remain positive in days ahead. My model is mixed with neutral bias. Immediate support is seen at 1.5520 (yesterday’s low). Initial resistance at 1.5630. CCI in overbought area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5527
• S2= 1.5477
• S3= 1.5433
• R1= 1.5621
• R2= 1.5665
• R3= 1.5715

GBPUSD Outlook
Yesterday the GBPUSD bottomed at 1.9744, 4 pips higher than my short target at 1.9740 before corrected higher and closed at 1.9814. My model is mixed with downside bias. Immediate support is seen at 1.9740. Initial resistance at 1.9845. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9757
• S2= 1.9701
• S3= 1.9658
• R1= 1.9856
• R2= 1.9899
• R3= 1.9955

USDJPY Outlook
Yesterday the USDJPY didn’t make significant movement, opened and closed at almost the same price (108.14 and 108.05). My model is mixed with neutral bias. Immediate support is seen at 107.70. Initial resistance at 108.40. CCI in overbought area on daily chart, suggesting the bullish power might have exhausted right now.

USDJPY Daily Supports and Resistances:

• S1= 107.72
• S2= 107.39
• S3= 107.09
• R1= 108.35
• R2= 108.65
• R3= 108.98

USDCHF Outlook
Yesterday the USDCHF attempted to push higher, topped at 1.0520, but closed lower at 1.0482. The pair already in overbought area, so the bullish power might have exhausted right now. My model is mixed with neutral bias. Immediate support is seen at 1.0440. Initial resistance at 1.0540. CCI in overbought area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0440
• S2= 1.0399
• S3= 1.0359
• R1= 1.0521
• R2= 1.0561
• R3= 1.0602

Have a great day!