FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast
The EURUSD continued its bullish momentum on Friday broke above 1.3650 and hit 1.3715 earlier today in Asian session but corrected lower around 1.3670 at the time I wrote this comment. The bias is bullish in nearest term especially if price able to make another clear break above 1.3743 re-testing 1.3800 – 1.3860 key resistance area. On the downside, a move below 1.3650/30 support area could trigger further bearish pullback testing 1.3550.



GBPUSD Forecast
The GBPUSD continued its bullish momentum on Friday and now seems ready to test 1.6300 key resistance area. The bias remains bullish in nearest term but I think we may have a good resistance around 1.6276 - 1.6300 and need a clear break above that area to continue the bullish outlook targeting 1.6500 – 1.6700 this week. Immediate support at 1.6185/50. A clear break below that area could change the intraday bias to bearish testing 1.6050 but overall the technical bias remains to the upside.



USDJPY Forecast
The USDJPY continued its bearish correction on Friday and now seems ready to test 83.05 key support area, which is also the neckline of the “head and shoulders” bearish formation as you can see on my h4 chart below. A clear break below that area would continue the bearish correction testing 82.50 even back to 81.80. On the upside, we need a clear break above 83.96 (the head) to continue the bullish scenario and reactivated my bullish mode targeting 84.40 and 86.00.



USDCHF Forecast
The USDCHF continued its bearish momentum on Friday. This fact is a serious threat to the falling wedge bullish reversal scenario. The bias remains bearish in nearest term especially if price able to make another strong break below 0.9435 targeting 0.9328. Immediate resistance at 0.9523/50. A clear break above that area would change the intraday technical bias to bullish testing 0.9600 and would give the bullish scenario another chance.



Have a great day!