Tue, 10th of June, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Easy come, easy go. After 2 days of a very strong bullish momentum, The Euro slumped sharply against US Dollar yesterday and early today. Again, the fundamental factor of US positive Pending Home Sales report mess all technical view.  My model for EURUSD is mixed with downside bias. Immediate support is seen at 1.5560. Initial resistance at 1.5675. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5559
• S2= 1.5477
• S3= 1.5335
• R1= 1.5783
• R2= 1.5925
• R3= 1.6007

GBPUSD Outlook
Yesterday GBPUSD hit my long target at 1.9770, even further, topped at 1.9800. Although closed a little bit lower at 1.9740 and bottomed at 1.9706 early today, my bullish channel is still valid. My model is long, targeting 1.9820. Immediate support is seen at 1.9670, followed by 1.9625. A lower downside movement could change the direction of GBPUSD and trigger movement towards 1.9540.

GBPUSD Daily Supports and Resistances:

• S1= 1.9674
• S2= 1.9608
• S3= 1.9545
• R1= 1.9803
• R2= 1.9866
• R3= 1.9932

USDJPY Outlook
The positive fundamental factor of USD also sent USDJPY higher yesterday. The pair moved 190 pips, topped at 106.36 and closed at 106.29. My model is long, targeting 107.50. However, CCI already in oversold area on daily chart, so watch out for a downside pullback. Immediate support is seen at 106.00.

USDJPY Daily Supports and Resistances:

• S1= 105.04
• S2= 103.80
• S3= 103.14
• R1= 106.94
• R2= 107.60
• R3= 108.84

USDCHF Outlook
Following the Euro, the Swiss Franc was traded weaker yesterday. The pair broke my bearish channel and looks like starting a new bullish channel on hourly chart. My model is long, targeting 1.0350. Immediate support is seen at 1.0265. CCI just crossed -100 line up on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0181
• S2= 1.0090
• S3= 1.0033
• R1= 1.0329
• R2= 1.0386
• R3= 1.0477

Have a great day!