Friday, August 8, 2008
August 08 market commentary and technical levels
| Fri, 08th of August, 2008 By Setyo Wibowo (analyst@fxinstructor.com) 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! Labels: FX Instructor |
posted by Matbank at 7:51 AM
