Fri, 27th of June, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD continued it’s bullish momentum. Yesterday the pair hit my long target 1.5725 even further, topped at 1.5766. However, it can be very tricky at this phase as CCI already in overbought area on daily chart. The last 2 times CCI in overbought area on daily chart, the pair fell sharply to the downside, so we can not just ignore it’s warning of a reversal/correctional downside movement this time. My model is mixed with downside bias. It’s better to stand aside, no trading this weekend.

EURUSD Daily Supports and Resistances:

• S1= 1.5664
• S2= 1.5577
• S3= 1.5526
• R1= 1.5802
• R2= 1.5853
• R3= 1.5940

GBPUSD Outlook
The GBPUSD also in a good bullish momentum yesterday. The pair hit my long target 1.9850 even further, topped at 1.9894. My model remains long targeting 1.9950. However, CCI already in overbought area so the bullish power could be exhausted right now. Immediate support is seen at 1.9840 followed by 1.9800. Only use tight money management at this phase.

GBPUSD Daily Supports and Resistances:

• S1= 1.9769
• S2= 1.9651
• S3= 1.9589
• R1= 1.9949
• R2= 2.0011
• R3= 2.0129

USDJPY Outlook
The USDJPY finally made a downside break out from ranging area. Yesterday the pair bottomed at 106.61 and closed at 106.86. My model is short targeting 106.30. Immediate resistance is seen at 107.20. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 106.25
• S2= 105.64
• S3= 104.68
• R1= 107.82
• R2= 108.78
• R3= 109.39

USDCHF Outlook
Similar to Euro and Sterling, yesterday the Swiss franc was traded convincingly stronger against US Dollar. The USDCHF hit my short target 1.0270 even further, bottomed at 1.0218. My model remains short targeting 1.0151. However, CCI already in oversold area on daily chart, so a correctional upside movement might happen today. Only use tight money management at this phase.

USDCHF Daily Supports and Resistances:

• S1= 1.0176
• S2= 1.0111
• S3= 1.0004
• R1= 1.0348
• R2= 1.0455
• R3= 1.0520

Have a great weekend!