The Daily Forecaster

[B]Bias: [/B] While 0.9304-13 (max 0.9649) caps the structure still points lower.

Yesterday's correction edged a little higher than I had wanted but I feel that this still has a basic bearish structure still. Ideally now the
0.9604-13 area should cap and extend losses through the 0.9541-75 area and back towards the 0.9462 low at least. A lower intermediate target is at 0.9400-22 which should cause a correction. (NB. I am prepared for this decline to be slower than the rally in EURUSD.) However, do also note the lower targeted support at 0.9335-45.

Only an earlier reversal back above 0.9650-55 would cause yet another rethink. There is then some resistance at the 0.9665-85 congestion area and then higher at 0.9719 followed by 0.9759-69. I suspect that would cause a correction if seen. Next resistance is at 0.9791 and 0.9839-71.

Please view the complete analysis in the attached PDF file.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+35 pips)

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