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