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Fri, 15th of August, 2008
By Setyo Wibowo

EURUSD Outlook
Yesterday The EURUSD continued it’s bearish momentum. The pair bottomed at 1.4777 and closed at 1.4801. I am expecting this bearish scenario continue today. We have a new bearish channel on hourly chart. My model goes short targeting 1.4614. Immediate resistance is seen at 1.4825 followed by 1.4870. CCI just cross -100 line up on hourly chart so we might have a minor upside correction.

EURUSD Daily Supports and Resistances:

• S1= 1.4735
• S2= 1.4670
• S3= 1.4563
• R1= 1.4907
• R2= 1.5014
• R3= 1.5079

GBPUSD Outlook
Yesterday the GBPUSD made indecisive movement by open and closed at almost the same price (1.8692 and 1.8684). We still have a valid bearish channel on hourly chart, so the bias is still on bearish side. Immediate resistance is seen at 1.8707 followed by 1.8741. Initial support at 1.8630 followed by 1.8570. CCI about to cross -100 line up on hourly chart so we might have a minor upside correction.

GBPUSD Daily Supports and Resistances:

• S1= 1.8606
• S2= 1.8529
• S3= 1.8439
• R1= 1.8773
• R2= 1.8863
• R3= 1.8940

USDJPY Outlook
Yesterday the USDJPY back in it’s bullish momentum after corrected lower on Tuesday. The pair topped at 109.98 and closed at 109.77. My model goes long targeting 110.77. Immediate support is seen at 109.60. CCI in overbought area on daily chart so we might have a minor downside correction. Use only tight money management at this phase. Wait a confirmation on your indicators/oscillators to find long position.

USDJPY Daily Supports and Resistances:

• S1= 109.20
• S2= 108.63
• S3= 108.24
• R1= 110.16
• R2= 110.55
• R3= 111.12

USDCHF Outlook
After 2 days of no significant movement, yesterday the USDCHF back in it’s bullish scenario. The pair break out to the upside of ranging market (1.0924/1.0825), topped at 1.0980 and closed at 1.0943. My model goes long, targeting 1.1050. Immediate support is seen at 1.0924. CCI just cross 100 line down on hourly chart so we might have a minor downside correction.

USDCHF Daily Supports and Resistances:

• S1= 1.0858
• S2= 1.0773
• S3= 1.0712
• R1= 1.1004
• R2= 1.1065
• R3= 1.1150

Have a great weekend!