Will Optmism to US economy continue to support US Dollar?
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
Yesterday EURUSD failed to break 1.5350 support (38.2 % Fibonacci retracement from
1.4450 to 1.5904). Although this fact keep bullish trend intact, the correctional downward
movement could not be said complete. Today, EURUSD might be testing that level again.

Chart #1
EURUSD Daily Support and Resistance:
S1 = 1.5366 S2 = 1.5297 S3 = 1.5253
R1 = 1.5479 R2 = 1.5523R3 = 1.5592
GBPUSD Outlook
Unable to break 1.9743 support, the GBPUSD find a new resistance at 1.9895
(06/03/08 low). A break upside could trigger movement to 1.9950 area (see red lines
in chart #2). The CCI has cross psychological -100 up. Very tricky for me

Chart #2
GBPUSD Daily Support and Resistance:
S1 = 1.9797 S2 = 1.9718 S3 = 1.9678
R1 = 1.9916 R2 = 1.9956 R3 = 2.0035
USDJPY Outlook
The USDJPY has break the 100.62 resistance (38.2 Fibonacci retracement from
108.60 to 95.73) and now aiming for 102.17 (50 % Fibonacci retracement, see red
lines in chart #3). Although the bearish momentum still intact, but it seems to losing
power now.

Chart #3
USDJPY Daily Support and Resistance:
S1 = 99.65 S2 = 98.75 S3 = 98.13
R1 = 101.17 R2 = 101.79 R3 = 102.69
USDCHF Outlook
Yesterday the USDCHF break the key level 1.0197 (38.2% Fibonacci retracement from
1.1096 to 0.9636). The continue optimism to US economy rise among market players
could bring USDCHF upside towards 50% Fibonacci retracement (see chart #4).

Chart #4
USDCHF Daily Support and Resistance:
S1 = 1.0258 S2 = 1.0327 S3 = 1.0407
R1 = 0.9985 R2 = 1.0123 R3 = 1.0298
—
Share This