FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast
The EURUSD didn’t make significant movement yesterday, but corrected lower earlier today in Asian session, hit 1.3563. The growing tension in Libya and Middle East triggered risk aversion sentiment, lead Dollar higher, sent Gold back above 1400 level and Euro technical bullishness is halted. The bias is bearish in nearest term testing 1.3530. A clear break below that area could trigger further bearish pressure re-testing 1.3420 key support area. Immediate resistance at 1.3650. Clear break above that area would give the bullish scenario another chance testing 1.3743 region before testing 1.3800 – 1.3860 key resistance area.



GBPUSD Forecast
The GBPUSD was also corrected higher earlier today in Asian session on risk aversion sentiment which triggered broad Dollar strength and now testing 1.6150 support area. Technically speaking, the downside pressure may continue as a double top formation was formed around 1.6276 as you can see on my h4 chart below, but need a clear break below 1.5950 to confirm the bearish reversal scenario. A clear break below 1.6150 would trigger further downside pressure testing 1.6100 – 1.6050 support area. On the upside, we need a clear break above 1.6300 to continue the major bullish scenario and reactivate my bullish mode.



USDJPY Forecast
The USDJPY attempted to push lower earlier today in Asian session, bottomed at 82.83 but bounced higher around 83.30 at the time I wrote this comment. My technical view is a little bit mess. The “head and shoulders” scenario remains intact unless price breaks above the right shoulder around 83.50, but my bullish mode will be reactivated only on a clear break above the head at 83.96 targeting 84.40 and 86.00. On the downside, another move below 83.05 would change the intraday technical bias to bearish testing 82.50 and 81.80.



USDCHF Forecast
The USDCHF was indecisive yesterday, made a Doji on daily chart but corrected higher earlier today in Asian session hit 0.9504 on broad risk aversion sentiment. The bias is neutral in nearest term. Immediate resistance at 0.9523 followed by 0.9600. Overall we are still in a strong bearish outlook but would need a clear break below 0.9435 to continue the bearish scenario targeting 0.9328. On the upside, a clear break above 0.9600 would give the falling wedge bullish scenario another chance testing 0.9700 – 0.9800 resistance area.



Have a great day!