Thu, 29th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The Greenback continued it’s gain against Euro yesterday, but with less power. However, my model is short, targeting 1.5550 area. EURUSD need to stay below support level 1.5610 to keep this short term bearish momentum intact. Remember that the major trend of EURUSD is up, so we must see this bearish momentum as a correctional move. Immediate resistance seen at 1.5695 area followed by 1.5750. CCI in neutral zone on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5582
• S2= 1.5518
• S3= 1.5429
• R1= 1.5735
• R2= 1.5824
• R3= 1.5888

GBPUSD Outlook
After violated the bullish trend line on my hourly chart, the GBPUSD move in ranging market of 1.9820 and 1.9710 area. The pair need a break out from that ranging area. My model is mixed, no trading zone.

GBPUSD Daily Supports and Resistances:

• S1= 1.9727
• S2= 1.9654
• S3= 1.9605
• R1= 1.9849
• R2= 1.9898
• R3= 1.9971

USDJPY Outlook
Looks like the the USDJPY is in solid bullish momentum. Yesterday the pair topped at 105.31, closed a little bit lower at 104.67. My model is long, targeting 105.90 area. The pair need to stay above key level 105.20 (50 % Fib retracement from 95.73 to 114.77) to keep the bullish scenario intact. Immediate support seen at 104.50 followed by 104.00. CCI already in overbought area on 4h chart, so watch out for a minor downside risk.

USDJPY Daily Supports and Resistances:

• S1= 103.93
• S2= 103.20
• S3= 102.51
• R1= 105.35
• R2= 106.04
• R3= 106.77

USDCHF Outlook
Yesterday the USDCHF reached my long target at 1.0391, even further, topped at 1.0422. My model remains long, targeting 1.0490 area. Immediate support is seen at 1.0320 area. CCI in overbought zone and about to cross 100 line down on 4h chart, so watch out for a minor downside pullback.

USDCHF Daily Supports and Resistances:

• S1= 1.0280
• S2= 1.0188
• S3= 1.0117
• R1= 1.0443
• R2= 1.0514
• R3= 1.0606

Have a great day!