Fri, 30th of May, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday, EURUSD short term bearish momentum continued. The pair reached my short target at 1.5550, even further, bottomed at 1.5485 and closed at 1.5510. My model remains short, targeting 1.5410. CCI already in oversold area on 4h chart, so a minor upside pullback might happen today. Immediate resistance is seen at 1.5550.

EURUSD Daily Supports and Resistances:

• S1= 1.5442
• S2= 1.5374
• S3= 1.5264
• R1= 1.5620
• R2= 1.5730
• R3= 1.5798

GBPUSD Outlook
Yesterday GBPUSD broke 1.9710 level down, bottomed at 1.9672, closed higher at 1.9754. My model is short as the pair is making a bearish channel on hourly chart. Immediate support seen at 1.9672 (yesterday’s low). Initial resistance at 1.9820. CCI just cross 100 line down on daily chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9678
• S2= 1.9602
• S3= 1.9533
• R1= 1.9823
• R2= 1.9892
• R3= 1.9968

USDJPY Outlook
The bullish momentum of USDJPY continued yesterday. The pair topped at 105.87, 3 pips away from my 105.90 target. Technically speaking in broader view, the pair is chasing 107.43 area (61.8% Fibonacci retracement from 95.73 to 114.77). My model remains long, targeting 106.40. However, CCI already in overbought zone on daily chart, so watch out for a downside risk. Immediate support seen at 104.90.

USDJPY Daily Supports and Resistances:

• S1= 104.82
• S2= 104.08
• S3= 103.56
• R1= 106.08
• R2= 106.60
• R3= 107.34

USDCHF Outlook
The bullish momentum of USDCHF continued convincingly yesterday. My long target at 1.0490 was reached, the pair topped higher at 1.0523. My model remains long, targeting 1.0571. Immediate support is seen at 1.0450 area. CCI heading up towards 100 line on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0399
• S2= 1.0302
• S3= 1.0240
• R1= 1.0558
• R2= 1.0620
• R3= 1.0717

Have a great weekend!