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Fri, 08th of August, 2008
By Setyo Wibowo

EURUSD Outlook
Yesterday the Greenback continued it’s positive trend. After break the key level support at 1.5380, the pair fell sharply, bottomed at 1.5310 and closed at 1.5324. This bearish momentum still continue early today in Asian market, as the pair already made a big bearish movement of 142 pips to the downside at the time I wrote this commentary, traded around 1.5215 bottomed at 1.5192. The bias is still on bearish  side. We have an important support at 1.5180. A break to the downside could trigger further downside scenario towards 1.4975, while a failure could get us a correctional upside movement back towards 1.5380. CCI already in oversold area on both daily and weekly chart.

EURUSD Daily Supports and Resistances:

• S1= 1.5255
• S2= 1.5186
• S3= 1.5063
• R1= 1.5447
• R2= 1.5570
• R3= 1.5639

GBPUSD Outlook
The Sterling also slumped against Greenback yesterday. The pair bottomed at 1.9419 and closed at 1.9431. Early today, at the time I wrote this commentary, the pair already made a big bearish movement of 168 pips, traded around 1.9288 and bottomed at 1.9269. My model is mixed with downside bias. Immediate support is seen at 1.9206. A break to the downside would open the door towards a broader bearish view towards 1.9063 area. Initial resistance at 1.9450. CCI in oversold area both on daily and weekly chart.

GBPUSD Daily Supports and Resistances:

• S1= 1.9387
• S2= 1.9344
• S3= 1.9269
• R1= 1.9505
• R2= 1.9580
• R3= 1.9623

USDJPY Outlook
Yesterday the USDJPY bullish momentum had a minor correction. The pair bottomed at 109.13 and closed at 109.33. However, like all other major currencies, the Japanese Yes was traded weaker against Greenback early today. The pair is traded upside around 109.70 level at the time I wrote this commentary. My model is mixed with neutral bias. Immediate resistance is seen at 109.88. A break to the upside could trigger further bullish scenario towards 110.60. CCI in oversold area both on daily and weekly chart.

USDJPY Daily Supports and Resistances:

• S1= 109.08
• S2= 108.83
• S3= 108.53
• R1= 109.63
• R2= 109.93
• R3= 110.18

USDCHF Outlook
The Swiss Franc also slumped against Greenback yesterday. The pair topped at 1.0636 and closed at 1.0610. Early today, the pair already made a big upside movement, topped at 1.0711 at the time I wrote this commentary. Should this bullish momentum continue, the next target is 1.0762 resistance level. The bias is still on the bullish side. Immediate support is seen at 1.0609. CCI in overbought area both on daily and weekly chart.

USDCHF Daily Supports and Resistances:

• S1= 1.0542
• S2= 1.0474
• S3= 1.0427
• R1= 1.0657
• R2= 1.0704
• R3= 1.0772

Have a nice weekend!