Wed, 21th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday EURUSD reached my long target at 1.5650, even further, topped at 1.5680. The pair seems in a very good bullish momentum. My model remains long, targeting 1.5725. CCI already in overbought area on daily chart, so watch out for downside correctional move. Immediate support seen at 1.5615 area.

EURUSD Daily Supports and Resistances:

• S1= 1.5544
• S2= 1.5435
• S3= 1.5367
• R1= 1.5721
• R2= 1.5789
• R3= 1.5898

GBPUSD Outlook
The Greenback slumped against Sterling yesterday. The GBPUSD broke the key level 1.9625, topped at 1.9719 and closed at 1.9673. My model is long, targeting 1.9780 area. CCI in overbought area on 4h chart so watch out for correctional downside pullback. Immediate support seen at 1.9620 area.

GBPUSD Daily Supports and Resistances:

• S1= 1.9529
• S2= 1.9385
• S3= 1.9290
• R1= 1.9768
• R2= 1.9863
• R3= 2.0007

USDJPY Outlook
The USDJPY was in bearish momentum yesterday and I am expecting this bearish scenario to continue today. My model goes short, targeting 102.70 area. CCI in oversold area on both 1h and 4h chart, so a minor upside pullback might happen today. Immediate resistance at 103.90.

USDJPY Daily Supports and Resistances:

• S1= 103.22
• S2= 102.82
• S3= 102.19
• R1= 104.25
• R2= 104.88
• R3= 105.28

USDCHF Outlook
Following the Euro, the Swiss Franc was traded stronger yesterday. My model is short for USDCHF, targeting 1.0280. However, the CCI already in oversold area in all 3 time frames (1h, 4h, daily), so watch out for upside correctional move. Immediate resistance at 1.0430 area.

USDCHF Daily Supports and Resistances:

• S1= 1.0302
• S2= 1.0240
• S3= 1.0124
• R1= 1.0480
• R2= 1.0596
• R3= 1.0658

Have a great day!