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FXInstructor.com Daily Forecasts with Setyo Wibowo

Daily Forecast: September 23

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Setyo Wibowo
, 09-23-2009 at 03:47 AM (568 Views)
EURUSD Forecast:
The EURUSD made a significant bullish momentum yesterday. On h4 chart below we can see that after breakout above the trendline resistance (red) price had a bullish momentum, topped at 1.4820 and closed at 1.4788. The rising wedge formation is no longer valid and the bearish reversal scenario has been canceled. The bias is bullish in nearest term targeting 1.4880 area before aim for 1.5000 area. CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 1.4766. Break below that area could lead us into no trading zone as the pair might rebound lower towards 1.4670 but the outlook remains bullish and short position is not recommended.



GBPUSD Forecast:
The GBPUSD made a significant bullish momentum yesterday. On h4 chart below we can see that after rejection to move below 1.6113 support area the pair bounced to the upside. The bias is bullish in nearest term targeting 1.6555 area and the bearish correction might over now. Immediate support at 1.6300 area. Break below that area should lead us back into no trading zone.



USDJPY Forecast:
The USDJPY failed to continued it's bullish correction yesterday. On h4 chart below we can see that the bullish channel has been violated to the downside and price traded below 91.80 indicating that the bullish correction is now over and the pair is ready to continue it's major bearish scenario. The bias is bearish in nearest term but watch out for a good support around key support level 90.20/10 area. Break below that area should trigger further bearish momentum targeting 89.60 area. Immediate resistance at 91.25. Break above that area should lead us into no trading zone but the outlook remains bearish and long position is not recommended.



USDCHF Forecast
The USDCHF continued it's bearish momentum yesterday. On h4 chart below we can see that after break below 1.0275 support area the pair had a bearish momentum, bottomed at 1.0214 and closed at 1.0237. The bias is bearish in nearest term still targeting 1.0135 area. Immediate resistance at 1.0275. Break above that area should lead us into no trading zone as the pair might corrected higher testing 1.0380 but long position is not recommended.



Have a great day!
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Technical Analysis Commentary

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