Tue, 27th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday we didn’t see significant movement due to holidays. My model for EURUSD remains long still targeting 1.5850. An upside break of that level would open the door for 1.5950. Immediate support seen at 1.5750. CCI about to cross 100 line down, so watch out for a minor downside pullback.

EURUSD Daily Supports and Resistances:

• S1= 1.5745
• S2= 1.5718
• S3= 1.5695
• R1= 1.5795
• R2= 1.5818
• R3= 1.5845

GBPUSD Outlook
Yesterday GBPUSD didn’t have enough power to test 1.9850 area and topped only at 1.9831. Today I am expecting the pair has enough power to break that level and continue it’s short term bullish outlook and open the door for 1.9925. My model remains long. Immediate support seen at 1.9750. CCI in overbought area on daily chart so watch out for a downside risk.

GBPUSD Daily Supports and Resistances:

• S1= 1.9771
• S2= 1.9727
• S3= 1.9697
• R1= 1.9845
• R2= 1.9875
• R3= 1.9919

USDJPY Outlook
We didn’t see a lot of movement of USDJPY yesterday due to holidays. My model remains long as I believe the pair is making a new bullish trend line and channel, targeting 103.95. Immediate support seen at 102.95 area. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 103.17
• S2= 102.97
• S3= 102.81
• R1= 103.53
• R2= 103.69
• R3= 103.89

USDCHF Outlook
The short term bearish trend of USDCHF should continue today as my trend line and channel both of 1h and 4 h is still valid. My model is short, targeting 1.0140 area. Immediate resistance is seen at 1.0280 area. CCI about to cross – 100 line up, so watch out for a minor upside risk.

USDCHF Daily Supports and Resistances:

• S1= 1.0223
• S2= 1.0205
• S3= 1.0179
• R1= 1.0267
• R2= 1.0293
• R3= 1.0311

Have a great day!