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FXInstructor.com Daily Forecasts with Setyo Wibowo

Daily Forecast: February 24

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Setyo Wibowo
, 02-24-2011 at 01:22 AM (1889 Views)
EURUSD Forecast
The EURUSD continued its bullish momentum yesterday, topped at 1.3785 and closed at 1.3749. Price is now moving above 1.3743 resistance area suggests potential further upside pressure testing 1.3860 key resistance area. However note that overall price still trapped in wide range area 0f 1.3860 – 1.3420 and need a clear break above 1.3860 to continue the bullish scenario targeting 1.4000 – 1.4200 region. Immediate support at 1.3715. A Clear break below that area would change the intraday bias to bearish testing 1.3650 and keep price in the range market a little bit longer.



GBPUSD Forecast
The GBPUSD attempted to push higher yesterday, topped at 1.6271 but close a little bit lower at 1.6213. The intraday bias likely to remains bullish testing 1.6300 key resistance area but note that we need a clear break above 1.6300 to continue the bullish scenario and reactivate my bullish mode targeting 1.6500 – 1.6700. Immediate support at 1.6180. A clear break below that area would change the intraday bias to bearish testing 1.6100 and keep price in a range market between 1.6300 – 1.5950 a little bit longer.



USDJPY Forecast
The USDJPY continued its bearish pressure yesterday, broke below 82.50 as you can see on my h4 chart below. The bias remains bearish in nearest term targeting 81.80 – 81.30 support area. On the upside, another move back above 82.50 would lead us to neutral zone in nearest term but overall the “head and shoulders” bearish scenario remains valid and the pressure should remain to the downside.



USDCHF Forecast
The USDCHF continued its bearish momentum yesterday and hit 0.9275 earlier today in Asian session. This fact would open the door for further bearish pressure targeting 0.9200 region. Immediate resistance at 0.9330. A clear break above that area would lead us to neutral zone in nearest term but any upside pullback after two weeks of strong bearish momentum is normal and overall the pressure remains strongly to the downside.



Have a great day!
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Technical Analysis Commentary

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