Thu, 15th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the downside movement of EURUSD seems to be limited as the pair bottomed at 1.5396 but closed higher at 1.5477. My model is mixed with upside bias. Immediate support seen at  1.5440 followed by 1.5390. Initial resistance at 1.5510. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5420
• S2= 1.5363
• S3= 1.5331
• R1= 1.5509
• R2= 1.5541
• R3= 1.5598

GBPUSD Outlook
Similar to EURUSD, yesterday further downside movement of GBPUSD was rejected. Again, the pair bearish strength was rejected by daily trend line support. My model is long targeting 1.9510. Immediate support seen at 1.9410 area. CCI about to cross -100 line up on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9395
• S2= 1.9324
• S3= 1.9285
• R1= 1.9505
• R2= 1.9544
• R3= 1.9615

USDJPY Outlook
Yesterday the USDJPY topped at 105.44, 14 pips higher from my long target at 105.30. My model is mixed. Further upside movement could be very limited now as the pair the seems to have strong resistance at 105.60 area. I also saw a potential  double top formation on daily chart. Immediate support seen at 104.80 area. Initial resistance at 105.60. CCI about to cross 100 line up on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 104.57
• S2= 104.13
• S3= 103.70
• R1= 105.44
• R2= 105.87
• R3= 106.31

USDCHF Outlook
Yesterday, my long target area for USDCHF at 1.0590 was reached as the pair topped at 1.0599. But this upside movement was very limited as the pair made a fast downside pullback and closed lower at 1.0543. My model is mixed, no trading zone for now. Immediate support at 1.0490. Initial resistance at 1.0599 (yesterday’s high).

USDCHF Daily Supports and Resistances:

• S1= 1.0503
• S2= 1.0464
• S3= 1.0416
• R1= 1.0590
• R2= 1.0638
• R3= 1.0677

Have a great day!