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Tue, 05th of August, 2008
By Setyo Wibowo

EURUSD Outlook
Yesterday the EURUSD made indecisive movement by open and closed at almost the same price ( 1.5574 and 1.5571), topped at 1.5630 and bottomed at 1.5553. The pair was traded lower early today in Asian market around 1.5535 level at the time I wrote this commentary. My model is mixed with neutral bias. Immediate support is seen at 1.5520. A break to the downside from that support could trigger further bearish move towards 1.5460. Initial resistance at 1.5630 (yesterdays’ high). CCI already in oversold area in all 3 time frames (1h, 4h, daily) so we might see an upside correctional pullback today.

EURUSD Daily Supports and Resistances:

• S1= 1.5539
• S2= 1.5507
• S3= 1.5462
• R1= 1.5616
• R2= 1.5661
• R3= 1.5693

GBPUSD Outlook
Yesterday the GBPUSD hit my short target at 1.9665, even further bottomed at 1.9599. My model remains short, targeting 1.9470. Immediate resistance is seen at 1.9625 followed by 1.9665. CCI already in oversold area in all 3 time frames (1h, 4h, daily), so watch out for an upside correctional move.

GBPUSD Daily Supports and Resistances:

• S1= 1.9553
• S2= 1.9496
• S3= 1.9393
• R1= 1.9713
• R2= 1.9816
• R3= 1.9873

USDJPY Outlook
The Greenback was traded stronger against the Japanese Yen yesterday. The pair topped at 108.29 and closed at 108.20. My model is mixed with upside bias. We have strong resistance in 108.50 area. A break out to the upside from that level could trigger further upside scenario towards 108.90 area. Immediate support is seen at 108.05. CCI about to cross 100 line up on daily chart, suggesting a potential bullish view.

USDJPY Daily Supports and Resistances:

• S1= 107.67
• S2= 107.15
• S3= 106.84
• R1= 108.50
• R2= 108.81
• R3= 109.33

USDCHF Outlook
Similar to EURUSD, yesterday USDCHF made indecisive movement by open and closed at almost the same price (1.0486 and 1.0482). My model is mixed with downside bias. Immediate support is seen at 1.0473. Initial resistance at 1.0520 followed by 1.0560. CCI in overbought area on daily chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0441
• S2= 1.0400
• S3= 1.0368
• R1= 1.0514
• R2= 1.0546
• R3= 1.0587

Have a great day!