Mon, 31th of March, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
On the daily chart, EURUSD is moving in ranging market condition, trapped between 1.5904 and 1.5560 (Fibonacci retracement from 1.4450 to 1.5904) area. So, I think we need a break out. An upside break out will bring EURUSD to 1.6000 area, while a downside break out could end the bullish view.

EURUSD Daily Supports and Resistance

S1= 1.5744
S2= 1.5695
S3= 1.5648
R1= 1.5840
R2= 1.5887
R3= 1.5936

GBPUSD Outlook
GBPUSD has a big potential to be in a bearish trend. After failed to maintain move above 1.9989 area, the Sterling could make 1.9743 ( 38.2 Fibonacci retracement from 1.9336 to 2.0397) area as the next target. Immediate support seen at 1.9863 (50% Fibonacci retracement)

GBPUSD Daily Supports and Resistances

S1= 1.9853
S2= 1.9762
S3= 1.9644
R1= 2.0062
R2= 2.0180
R3= 2.0271

USDJPY Outlook
Like EURUSD, the Japanese Yen is moving in ranging market between 100.63 and 98.77 area ( 38.2% and 23.6% Fibonacci retracement from 108.60 to 95.73). So we also need a break out. I am expecting for an upside break out since I saw a hammer formation on the weekly chart.

USDJPY  Daily Supports and Resistances:

S1= 98.75
S2= 98.28
S3= 97.46
R1= 100.04
R2= 100.86
R3= 101.33

USDCHF Outlook
The Swiss Franc has consistently moved below 0.9988 area for the last three days, so the bearish trend is still in my favor. I also pay a high attention to the co-relation with EURUSD. If EURUSD makes a break out upside, the bearish view for USDCHF has a big chance to continue and targeting 0.9636 (100% Fibonaci retracement). Immediate resistance is at 0.9988.

USDCHF Daily Supports and Resistances

S1= 0.9909
S2= 0.9868
S3= 0.9825
R1= 0.9993
R2= 1.0036
R3= 1.0077