Thu, 03th of April, 2008

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
EURUSD yesterday’s low at 1.5532 after broke the 1.5560 support area should give us more downside correction. But the pair closed at 1.5685. So we might see another attempt to push lower, but the downside scenario seems limited. EURUSD need to stay below 1.5560 before make another downside movement to 1.5350 area.

EURUSD Daily Supports and Resistance:

• S1= 1.5577
• S2= 1.5470
• S3= 1.5408
• R1= 1.5746
• R2= 1.5808
• R3= 1.5915

GBPUSD Outlook
Defended by double bottom pattern (01/04/2008 low at 1.9729 and 20/03/2008 low 1.9735 ), GBPUSD was traded stronger yesterday, reached top at 1.9899 and close above 1.9860 support area at 1.9887. As long as GBPUSD maintain to move below 1.9950, the bearish model is still in my favor.

GBPUSD Daily Supports and Resistances:

• S1= 1.9789
• S2= 1.9692
• S3= 1.9637
• R1= 1.9941
• R2= 1.9996
• R3= 2.0093

USDJPY Outlook
The USDJPY is in short/medium bullish trend. The pair has broke the 102.15 resistance (50% Fibonacci retracement from 95.73 to 108.60) and reached top at 102.83 yesterday. Today we might see another attempt to go upside, targeting the key level at 103.66 (61.8% Fibonacci retracement from 95.73 to 108.60). CCI at overbought area.

USDJPY  Daily Supports and Resistances:

• S1= 101.59
• S2= 100.89
• S3= 100.27
• R1= 102.91
• R2= 103.53
• R3= 104.23

USDCHF Outlook
The USDCHF is in short/medium trend, but the upside movement remains limited. The pair need to break 1.0197 resistance level and convincingly close above it before make a further upside attempt.

USDCHF Daily Supports and Resistances:

• S1= 1.0044
• S2= 1.0007
• S3= 0.9947
• R1= 1.0141
• R2= 1.0201
• R3= 1.0238