July 25 market commentary and technical levels  

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Fri, 25th of July, 2008
By Setyo Wibowo

EURUSD Outlook
Yesterday the EURUSD attempted to go lower, bottomed at 1.5628, but further downside movement seems limited as the pair closed higher at 1.5678. We are in important phase, as this situation could be the end of correctional downside movement. Technically there are 2 more possible support levels to be reach in order to complete this correctional wave, 1.5610 and 1.5580. CCI already in oversold area and about to cross -100 line up on daily chart, suggesting a potential bullish view.

EURUSD Daily Supports and Resistances:

  • S1= 1.5633
  • S2= 1.5588
  • S3= 1.5548
  • R1= 1.5718
  • R2= 1.5758
  • R3= 1.5803

GBPUSD Outlook
The Sterling slumped against Greenback yesterday. The pair bottomed at 1.9816 (38.2% Fibonacci retracement from 1.9408 to 2.0070) and closed at 1.9861. My model is mixed with downside bias. A break lower from yesterday’s low (1.9816) could trigger further downside scenario towards 1.9750. CCI in neutral area on daily chart.

GBPUSD Daily Supports and Resistances:

  • S1= 1.9788
  • S2= 1.9715
  • S3= 1.9615
  • R1= 1.9961
  • R2= 2.0061
  • R3= 2.0134

USDJPY Outlook
Yesterday the USDJPY corrected lower, bottomed at 107.19 and closed at 107.39. We might have another downside correctional movement today. My model is mixed with downside bias. Immediate support is seen at 107.00 followed by 106.40. Initial support at 107.50. CCI just cross -100 line down on daily chart, suggesting a potential bearish view.

USDJPY Daily Supports and Resistances:

  • S1= 107.06
  • S2= 106.73
  • S3= 106.28
  • R1= 107.84
  • R2= 108.29
  • R3= 108.62

USDCHF Outlook
Yesterday, the USDCHF only moved 53 pips, topped at 1.0403 and bottomed at 1.0350. However, the bullish power seem to exhausted now. My model is short, targeting 1.0250. Immediate resistance is seen at 1.0403 (yesterday’s high). CCI in overbought area on daily chart.

USDCHF Daily Supports and Resistances:

  • S1= 1.0341
  • S2= 1.0319
  • S3= 1.0288
  • R1= 1.0394
  • R2= 1.0425
  • R3= 1.0447

Have a great day!

History

07/23/2008 July 24 market commentary and technical levels
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