Wed, 28th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the Greenback recovered against Euro. EURUSD slumped, bottomed at 1.5671 and closed at 1.5678. The pair had a sharp decline after touch 1.5818, which seen as a double top formation with 22/05/2008 high at 1.5813. My model is mixed with downside bias. Immediate support seen at 1.5660. Initial resistance at 1.5750. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5626
• S2= 1.5575
• S3= 1.5479
• R1= 1.5773
• R2= 1.5869
• R3= 1.5920

GBPUSD Outlook
The Greenback also slumped against Sterling yesterday after a failure to break key level 1.9850. This fact forced my model to go short, targeting 1.9660. Immediate resistance  seen at 1.9805. CCI just cross the 100 line down on daily chart

GBPUSD Daily Supports and Resistances:

• S1= 1.9692
• S2= 1.9638
• S3= 1.9561
• R1= 1.9823
• R2= 1.9900
• R3= 1.9954

USDJPY Outlook
The new bullish channel/trend line I said yesterday seems valid, as the pair go up, topped at 104.34. However, I see a potential double top formation at 104.35 area, which forced my model to mixed, no trading zone. Immediate support seen at 103.70 area. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

• S1= 103.57
• S2= 102.87
• S3= 102.49
• R1= 104.65
• R2= 105.03
• R3= 105.73

USDCHF Outlook
The USDCHF violated the bearish trend line, making a new bullish channel on my 1 h chart. My model goes long, targeting 1.0391. Immediate support seen at 1.0280. CCI just cross -100 line up on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0257
• S2= 1.0172
• S3= 1.0123
• R1= 1.0391
• R2= 1.0440
• R3= 1.0525

Have a great day!