Forex Day Trading

EURUSD Outlook

Yesterday the EURUSD bearish momentum seemed very limited. The trend line support on daily chart around 1.4695/1.4703 level should be the key level at this phase. A break to the downside could trigger further bearish scenario towards 1.4590. Initial resistance is seen at 1.4757 followed by 1.4807. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.4696
• S2= 1.4639
• S3= 1.4584
• R1= 1.4808
• R2= 1.4863
• R3= 1.4920

GBPUSD Outlook
Yesterday the GBPUSD made indecisive movement by opened and closed at almost the same price (1.8518 and 1.8526). My model goes mixed with neutral bias. Immediate support is seen at 1.8450 followed by 1.8405. CCI seems rejecting the -100 line on 4h and daily chart suggesting the pair might have a strong support area at this phase. However, I think the pressure to the downside is not over yet.

GBPUSD Daily Supports and Resistances:

• S1= 1.8424
• S2= 1.8322
• S3= 1.8239
• R1= 1.8609
• R2= 1.8692
• R3= 1.8794

USDJPY Outlook
The USDJPY bullish momentum was rejected yesterday. The pair bottomed at 109.02 and closed at 109.30. Resistance level at 110.66 area seems to be a key level at this phase. My model goes mixed with neutral bias. Immediate support is seen at 108.90 followed by 108.50. Initial resistance at 109.80. CCI in neutral area on all 3 time frames (hourly, 4h, daily).

USDJPY Daily Supports and Resistances:

• S1= 108.78
• S2= 108.27
• S3= 107.52
• R1= 110.04
• R2= 110.79
• R3= 111.30

USDCHF Outlook
The USDCHF is moving in ranging market between 1.1030 and 1.0840. We need a breakout to find a clearer direction. Immediate support is seen at 1.0950 followed by 1.0920. Initial resistance at 1.1030. An upside break from that level could trigger further bullish scenario towards 1.1105 area. CCI in neutral area in all 3 time frames (hourly, 4h, daily).

USDCHF Daily Supports and Resistances:

• S1= 1.0907
• S2= 1.0860
• S3= 1.0798
• R1= 1.1016
• R2= 1.1078
• R3= 1.1125

Why ForexGen.?

1. Lowest spreads in the market with 0-1 pips in 10 pairs, no commissions, no swaps and instant account Activation.
2. Scandinavian quality with Swiss precision, funds secured and local agents in 18+ countries.
3. ForexGen offers Forex trading in the major currency pairs and crosses.
4. Low capital start, with $250 as a minimum account size.
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Forex Day Trading

Tue, 26th of August, 2008
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday the EURUSD bearish momentum seemed very limited. The trend line support on daily chart around 1.4695/1.4703 level should be the key level at this phase. A break to the downside could trigger further bearish scenario towards 1.4590. Initial resistance is seen at 1.4757 followed by 1.4807. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

• S1= 1.4696
• S2= 1.4639
• S3= 1.4584
• R1= 1.4808
• R2= 1.4863
• R3= 1.4920

GBPUSD Outlook
Yesterday the GBPUSD made indecisive movement by opened and closed at almost the same price (1.8518 and 1.8526). My model goes mixed with neutral bias. Immediate support is seen at 1.8450 followed by 1.8405. CCI seems rejecting the -100 line on 4h and daily chart suggesting the pair might have a strong support area at this phase. However, I think the pressure to the downside is not over yet.

GBPUSD Daily Supports and Resistances:

• S1= 1.8424
• S2= 1.8322
• S3= 1.8239
• R1= 1.8609
• R2= 1.8692
• R3= 1.8794

USDJPY Outlook
The USDJPY bullish momentum was rejected yesterday. The pair bottomed at 109.02 and closed at 109.30. Resistance level at 110.66 area seems to be a key level at this phase. My model goes mixed with neutral bias. Immediate support is seen at 108.90 followed by 108.50. Initial resistance at 109.80. CCI in neutral area on all 3 time frames (hourly, 4h, daily).

USDJPY Daily Supports and Resistances:

• S1= 108.78
• S2= 108.27
• S3= 107.52
• R1= 110.04
• R2= 110.79
• R3= 111.30

USDCHF Outlook
The USDCHF is moving in ranging market between 1.1030 and 1.0840. We need a breakout to find a clearer direction. Immediate support is seen at 1.0950 followed by 1.0920. Initial resistance at 1.1030. An upside break from that level could trigger further bullish scenario towards 1.1105 area. CCI in neutral area in all 3 time frames (hourly, 4h, daily).

USDCHF Daily Supports and Resistances:

• S1= 1.0907
• S2= 1.0860
• S3= 1.0798
• R1= 1.1016
• R2= 1.1078
• R3= 1.1125

Why ForexGen?

1. Lowest spreads in the market with 0-1 pips in 10 pairs, no commissions, no swaps and instant account Activation.
2. Scandinavian quality with Swiss precision, funds secured and local agents in 18+ countries.
3. ForexGen offers Forex trading in the major currency pairs and crosses.
4. Low capital start, with $250 as a minimum account size.
5. Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.
6. ForexGen offers a free trial Forex demo account that allows you to test your skills and practice without risking real money.

The Forex Market Today

The Markets Today Thursday 31 July 2008 / 10:50h CET

EUR/USD	1.5610
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
We remain Dollar bullish. 1.5625 initial resistance, trend-line at 1.5665 – sell tops, expect a dip to 1.5500, target 1.5350 by tomorrow.		A clear break of 1.5665 stops the immediate bearish move and can see the pair recover to 1.5750 key.	1.5590 MINOR 1.5625 MINOR 1.5525 STRONG 1.5665 TREND 1.5490 STRONG 1.5750 KEY

GBP/USD	1.9805
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Cable is still holding the 1.9800 level, but the old bullish trend has been crossed long ago and we are waiting for a fall to 1.9660 or lower.		Initial resistance 1.9830 broken risks a rise to 1.9915 key.	1.9765 STRONG 1.9830 STRONG 1.9720 MINOR 1.9915 KEY 1.9660 STRONG 2.0000 STRONG

USD/JPY	108.20
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
As long as it remains above 108.05 we like to keep longs, target remains 110.		A break of 108.05 risks 107.70, an hourly close lower stops the bullish move and risks a set-back to 106.75	108.05 TREND 108.30 MINOR 107.70 STRONG 108.50 STRONG 106.75 KEY 108.90 MINOR

USD/CHF	1.0470
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It maintains very high levels and is set to cross into the 1.05 handle for a push towards 1.0660		Watch 1.0445 initial support, a break there risks a set-back to trend-line at 1.0345	1.0445 STRONG 1.0500 MINOR 1.0405 MINOR 1.0540 MINOR 1.0345 TREND 1.0660 TARGET

XAU/USD	912.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Gold fell and recovered but is unable to cross the old 917 key level. Stay short, we look for another fall towards 885		An hourly close above 917 can see Gold recover up to 930	906 MINOR 917 STRONG 895 STRONG 925 MINOR 885 TARGET 933 KEY

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Forex News | BoE Rate

Middle-east tensions undermine US Dollar. BoE rate decision due today.

News and Events:

Dollar fall Wednesdays following a rise in oil prices and continued concerns over the financial health of banks and mortgage lenders. Wall Street fell over 2% as rumours abound that investment banks still have large write-downs to declare. Merrill Lynch fell over 9% after Fitch Ratings indicated that it may cut the banks debt rating.

An apparent attack on the US consulate in Istanbul also added to negative global sentiment toward the Dollar.

Oil was trading at $136.50 barrel after rising above $138 after a sharp fall in US stocks and growing middle-east tensions. Gold was up 0.89% to 928.40, amid geopolitical tensions thus increasing the metals attractiveness as a safe-haven instrument.
The BoE will decide interest rate policy later today with little chance of a shift in rates. Recent indicators show the UK heading towards a possible recession. The ForexGen's provided services are all restricted and regulated by the international banking and financial regulatory standards. All our provided activities are supported by creativeness and modernization. Ambitious & motivated employees are working simultaneously to protect the customer's confidentiality. ForexGen is continuously providing the market's most competitive conditions.

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