FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast
The EURUSD made another volatile movement yesterday but overall still maintain its bullish correction phase after strong rejection to move below 1.3470 support area. The bias is bullish in nearest term testing the trend line resistance and 50% Fibo retracement of 1.3860 – 1.3427 around 1.3650. For me, as long as price stays below 1.3650 the current bullish move still considered as corrective move and don’t forget that overall price still trapped in range area of 1.3800 (1.3860) – 1.3500 (1.3420) and still looking for a new direction. A clear break above 1.3650 could trigger further bullish momentum testing 1.3743 which would open the door for further bullish scenario testing 1.3800 – 1.3860. Immediate support at 1.3520. Clear break below that area would change the intraday bias to bearish testing 1.3470 – 1.3420 but only a clear break below 1.3420 would confirm the bearish scenario targeting 1.3250.



GBPUSD Forecast
The GBPUSD was volatile but indecisive yesterday. Price attempted to push lower, bottomed at 1.5986 but closed higher at 1.6084. The bias is neutral in nearest term. On h4 chart below we can see price still trapped in range area 0f 1.6276 – 1.5950 and need a clear break on either side to see clearer direction. The major scenario remains bullish after the break above the bearish channel on January 12 but need a clear break above 1.6300 to continue the major bullish scenario testing 1.6500 region. Immediate support at 1.6050. Clear break below that area would change the intraday bias to bearish testing 1.5980/50 but only a clear break below 1.5950 could be a threat to the major bullish scenario. Immediate resistance at 1.6120. Clear break above that area would change the intraday bias to bullish testing 1.6180. A clear break above 1.6180 would open the door for further bullish scenario testing 1.6276 – 1.6300 key resistance area.



USDJPY Forecast
The USDJPY was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but I think we are still in a good condition of a bullish scenario as after made a false breakdown below the triangle price still able to move above the triangle so far. A clear break above 83.96 could trigger further bullish momentum testing 84.40 before testing 86.00. However, as you can see on my h4 chart below, we have CCI bearish divergence suggesting a potential downside pullback testing 83.05 support area. I don’t expect any move below that support, but a break below that support would activate my wait and see mode as direction would become unclear.



USDCHF Forecast
The USDCHF continued its bearish correction yesterday bottomed at 0.9554 and closed at 0.9596. The bias remains bearish in nearest term and my wait and see mode is now activated as I have conflicting multi time frames technical bias. However, as you can see on my daily chart below price still move above the falling wedge and testing the upper line so actually the bullish reversal scenario should remains intact unless price go back inside the wedge. 0.9523 level is an important support at this phase and price could be consolidating between 0.9523 – 0.9782 range area. Aggressive intraday traders can long around that support level as there is a good risk – reward calculation there. A clear break below 0.9523 would cancel my bullish outlook and keep the intraday bias in a bearish view testing 0.9450 even lower.



Have a great day!