FXInstructor.com Daily Forecasts with Setyo Wibowo

Daily Forecast: February 16

, 02-16-2011 at 12:44 AM (1366 Views)

EURUSD Forecast
The EURUSD was volatile but indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but as you can see on my h1 chart below price still moving in a minor bullish channel since bounced higher from 1.3427 suggests that price is still in bullish correction phase. The target of this bullish correction is around the trend line resistance and 1.3669 which could be tested if price able to make a clear break above 1.3570. Immediate support remains around 1.3470 and the lower line of the minor bullish channel. A clear break below that area could trigger further bearish pressure testing 1.3420 before targeting 1.3250.

GBPUSD Forecast
The GBPUSD had a bullish momentum yesterday, topped at 1.6169 and closed at 1.6126. The bias is bullish in nearest term especially if price able to make another strong and clear break above 1.6170 targeting 1.6230 and 1.6276. Immediate support at 1.6100. Break below that area could lead us to neutral zone in nearest term testing 1.6050 1.6000 support area but as long as price stays above 1.5950 the major bullish scenario remains intact.

USDJPY Forecast
The USDJPY continued its bullish momentum yesterday, topped at 83.90 and closed at 83.71. The bias is bullish in nearest term still targeting 84.40 before testing 86.00 this week. On h4 chart below we can see after made a false breakdown below the triangle, price has been moving in a nice bullish movement by making higher support levels. Immediate support at 83.66. Break below that area could lead us to neutral zone in nearest term testing 83.05.

USDCHF Forecast
The USDCHF continued its bearish correction yesterday and slipped below 0.9660. The bias is bearish in nearest term testing 0.9600 but I still believe that the major bullish scenario remains intact and the current bearish pressure is normal unless price make a clear break below 0.9600 which would activate my wait and see mode but with more bearish intraday bias. Immediate resistance at 0.9720. Break above that area could end the bearish correction re-testing 0.9800 before targeting 1.0000 area.

Have a great day!