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Thu, 07th of August, 2008
By Setyo Wibowo

EURUSD Outlook
The EURUSD continued it’s bearish momentum yesterday. The pair topped at 1.5516 before fell, bottomed at 1.5398 and closed at 1.5413. The key level in this phase is the support level at 1.5380. A break to the downside could trigger further bearish scenario towards 1.5343 then 1.5300/1.5280 area. Immediate resistance is seen at 1.5450 followed by 1.5495. CCI about to cross -100 line down on weekly chart, suggesting a potential bearish view for the rest days of the week.

EURUSD Daily Supports and Resistances:

• S1= 1.5368
• S2= 1.5324
• S3= 1.5250
• R1= 1.5486
• R2= 1.5560
• R3= 1.5604

GBPUSD Outlook
The Bearish momentum of GBPUSD continued yesterday. The pair bottomed at 1.9466 and closed at 1.9471. My model is mixed with downside bias. Immediate support  is seen at 1.9466 (yesterday’s low). A break to the downside could open the door towards 1.9410. Initial resistance is seen at 1.9510 followed by 1.9550. CCI just cross -100 line down on weekly chart, suggesting a potential bearish view for the rest days of the week.

GBPUSD Daily Supports and Resistances:

• S1= 1.9426
• S2= 1.9381
• S3= 1.9297
• R1= 1.9555
• R2= 1.9639
• R3= 1.9684

USDJPY Outlook
The Japanese Yen slumped against Greenback yesterday. The pair topped at 109.88 and closed at 109.59. However, the pair seems already very overbought right now, and I think it need a downside correction. My model is mixed with neutral bias. Immediate support is seen at 109.10 followed by 108.50. Initial resistance at 109.88 (yesterday’s high). CCI already in overbought area both on daily and weekly chart, suggesting that the bullish power might have exhausted.

USDJPY Daily Supports and Resistances:

• S1= 108.58
• S2= 107.57
• S3= 106.92
• R1= 110.24
• R2= 110.89
• R3= 111.90

USDCHF Outlook
The USDCHF continued it’s bullish momentum yesterday. The pair topped at 1.0609 and closed at 1.0592. My model is mixed with neutral bias. Immediate support is seen at 1.0560 followed by 1.0525. Initial resistance at 1.0609 (yesterday’s high). CCI already in overbought area on both daily and weekly chart, so we might have a downside correction.

USDCHF Daily Supports and Resistances:

• S1= 1.0526
• S2= 1.0460
• S3= 1.0419
• R1= 1.0633
• R2= 1.0674
• R3= 1.0740

Have a great day!