FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast
The EURUSD attempted to push lower yesterday, bottomed at 1.3704 but whipsawed to the upside, closed at 1.3801 and hit 1.3837 earlier today in Asian session. The bias remains bullish in nearest term retesting the key resistance 1.3860. In a broader outlook as you can see on my h4 chart below the Euro seems to be in a very good technical condition to continue the bullish scenario since the bullish running from 1.2873 especially if price able to make a convincing close above 1.3860 key resistance this week, which would open the door for further bullish scenario targeting 1.4000 even 1.4200 – 1.4300 in longer term. Immediate support at 1.3785. A break below that area could lead us to neutral zone retesting 1.3715/00.



GBPUSD Forecast
The GBPUSD was corrected lower yesterday after a clear break below 1.6180, bottomed at 1.6084 and bounced higher earlier today in Asian session hit 1.6159. While the medium outlook remains sideways, as long as price stays below 1.6180 – 1.6200 the intraday bias is more to the downside especially if price able to consistently move below 1.6100 testing 1.6050 – 1.6000 support area. I still prefer a major bullish outlook as long as price stays above 1.5950 and only a clear break below 1.5950 would be a serious threat to the major bullish outlook. On the upside, a clear break above 1.6200 would change the intraday bias to bullish retesting 1.6276 – 1.6300 key resistance area.



USDJPY Forecast
The USDJPY continued its bearish momentum yesterday, bottomed at 81.61 but still unable to consistently move below 81.80 support area so far. The bias remains bearish in nearest term targeting 81.30 – 80.93 especially if price able to make another strong break below 81.61. Immediate resistance at 82.50. A clear break above that area would lead us to neutral zone in nearest term but overall price is still in a strong bearish outlook provided by the “head and sh0ulders” pattern and I still prefer a bearish scenario at this phase.



USDCHF Forecast
The USDCHF continued its bearish momentum yesterday bottomed at 0.9233 and closed at 0.9253. The bias remains bearish in nearest term still testing 0.9200 support area. A convincing close below that support area this week would open the door for further bearish scenario targeting 0.9000 psychological level. Immediate resistance remains around 0.9330. A clear break above that area would lead us to neutral zone in nearest term but overall price is still in a strong bearish outlook and long position is not recommended.



Have a great day!