Apr, 01th of March, 2008
By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook
Yesterday EURUSD failed to make break out upside from 1.5904 and 1.5560 ranging area.* Although I am beginning to doubt the bullish strength, today I am expecting that EURUSD is going to make another test to break upside and maintain to move above 1.5904. Immediate minor support is 1.5725.
EURUSD Daily Supports and Resistance
S1= 1.5715
S2= 1.5669
S3= 1.5579
R1= 1.5851
R2= 1.5941
R3= 1.5987
GBPUSD Outlook
So far, GBPUSD maintain to move below 1.9863 (50% Fibonacci retracement from 1.9336 to 2.0397) which is very supporting for continuing bearish view.* Nearest target is 1.9743( 38.2 Fibonacci retracement from 1.9336 to 2.0397) and then 1.9585.
GBPUSD Daily Supports and Resistances
S1= 1.9769
S2= 1.9706
S3= 1.9601
R1= 1.9937
R2= 2.0042
R3= 2.0105
USDJPY Outlook
We saw a weaker Dollar against the Japanese yen yesterday, but USDJPY is still moving in ranging market between 100.63 and 98.77 area ( 38.2% and 23.6% Fibonacci retracement from 108.60 to 95.73).* I am expecting USDJPY would break out from that ranging movement today.
USDJPY* Daily Supports and Resistances:
S1= 99.08
S2= 98.26
S3= 97.71
R1= 100.45
R2= 101.00
R3= 101.82
USDCHF Outlook
Still in bearish mode, but USDCHF need to at least break the minor support at 1.9850 before targeting 0.9636 (17/03/2008 low). Immediate resistance at 0.9988. Keep watching the co-relation with EURUSD.
USDCHF Daily Supports and Resistances
S1= 0.9881
S2= 0.9815
S3= 0.9759
R1= 1.0003
R2= 1.0059
R3= 1.0125
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