FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast
The EURUSD still able to maintain its bullish intraday bias so far and now struggling around the trend line resistance as you can see on my h1 chart below. The bias remains bullish in nearest term but would need a convincing move above the trend line resistance and a clear break above 1.3650 (50% Fibo retracement of 1.3860 – 1.3427) to continue the bullish scenario targeting 1.3743 before testing 1.3800 – 1.3860 key resistance area. Immediate support at 1.3540. A failure to make a clear break above the trend line resistance and a consistent move below 1.3540 would change the intraday bias to bearish testing 1.3470 – 1.3420 key support area.



GBPUSD Forecast
The GBPUSD continued its bullish momentum yesterday and now testing 1.6180 resistance area. The bias remains bullish in nearest term especially if price able to make another clear breakout above 1.6180 targeting 1.6276 – 1.6300 key resistance level. Immediate support at 1.6110. A clear break below that area would lead us to neutral zone in nearest term testing 1.6050 – 1.6000 but only a clear break below 1.5950 could be a threat to the major bullish outlook.



USDJPY Forecast
The USDJPY was corrected lower yesterday, bottomed at 83.15 and closed at 83.31. The CCI bearish divergence gave us a valid bearish pullback warning and this bearish momentum would continue if price able to make another break below 83.05 testing 82.60. Immediate resistance at 83.66. A clear break above that area would keep the bullish scenario remains strong but would need a clear break above 83.96 to confirm the bullish scenario targeting 84.40 and 86.00.



USDCHF Forecast
The USDCHF continued its bearish correction yesterday and now traded below 0.9523 support area. This fact is a serious threat to the bullish scenario. The bias is bearish in nearest term testing 0.9440. Break below that area would continue the bearish pressure testing 0.9330/00 key support area. Immediate resistance at 0.9523. Break above that area would lead us to neutral zone in nearest term. Only a clear break above 0.9600 would change the intraday bias to bullish and give another chance to the bullish scenario testing 0.9700 – 0.9800.



Have a great day!