Thursday, August 7, 2008
August 06 market commentary and technical levels
| By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook Yesterday the EURUSD continued it’s bearish momentum. The pair bottomed at 1.5445 and closed at 1.5449. Technically, after break out the support level at 1.5460 yesterday, the pair open the door towards 1.5380. My model is mixed with neutral bias. Immediate resistance is seen at 1.5512 followed by 1.5570. A break out to the upside could trigger further correction towards 1.5630. CCI in oversold area on daily chart so watch out for an upside correctional move. EURUSD Daily Supports and Resistances: S1= 1.5404 S2= 1.5359 S3= 1.5274 R1= 1.5534 R2= 1.5619 R3= 1.5664 GBPUSD Outlook The GBPUSD also continued it’s bearish momentum yesterday, although the bearish power was less than what I had expected. The pair bottomed at 1.9520 and closed at 1.9529. My model is mixed with neutral bias. Immediate support is seen at 1.9470. A break to the downside from that level could trigger further bearish scenario towards 1.9360. Initial resistance at 1.9575 followed by 1.9625. A break to the upside could trigger further upside correction towards 1.9750. CCI in oversold area on daily chart. GBPUSD Daily Supports and Resistances: S1= 1.9491 S2= 1.9453 S3= 1.9387 R1= 1.9595 R2= 1.9661 R3= 1.9699 USDJPY Outlook Yesterday USDJPY attempted to push lower and bottomed at 107.67, but the pair whipsawed, made a new high of the day at 108.41 and closed at 108.29. My model remains mixed with upside bias. The key level in this phase is 108.40/50. A break to the upside would trigger further bullish movement towards 108.90 then 109.50. Immediate support is seen at 108.05 followed by 107.67 (yesterday’s low). CCI about to cross 100 line up on daily chart, suggesting a potential bullish view. USDJPY Daily Supports and Resistances: S1= 107.83 S2= 107.38 S3= 107.09 R1= 108.57 R2= 108.86 R3= 109.31 USDCHF Outlook Like to all other major currencies, yesterday the Greenback continued it’s positive momentum against Swiss Franc. The pair topped at 1.0558 and closed at 1.0547, but traded a little bit lower around 1.0525 at the time I wrote this commentary today. My model is mixed with neutral bias. Immediate resistance is seen at 1.0558 (yesterday’s high). A break to the upside could trigger further bullish scenario towards 1.0600 area. Initial support is seen at 1.0480 followed by 1.0435. CCI in overbought area on daily chart. USDCHF Daily Supports and Resistances: S1= 1.0498 S2= 1.0450 S3= 1.0420 R1= 1.0576 R2= 1.0606 R3= 1.0654 Have a great day! Labels: FX Instructor |
posted by Matbank at 2:56 AM
