FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast: Bullish Continues, Re-testing 1.4850

The EURUSD had had a bullish momentum yesterday, topped at 1.4812 and closed at 1.4776. Although the nearest term bias should remains bullish, actually my medium term outlook remains neutral as the pair still move below 1.4850 key resistance area. My yesterday's technical strategy worked fine. As you can see in my h1 chart below, price had a bullish momentum after rejected to move below 1.4688/50 support area, violated the bearish channel to the upside and hit the top. The bias is bullish in nearest term still re-testing 1.4850. Break above that area should lead us into a new stage of bullish scenario targeting 1.5000 even 1.5300 area. My key support level to be watched today is 1.4760/30 area. I will be watching any reactions around that area before make any decision. As long as that support area hold, the Dollar should remains under pressure today. On the other hand, failure to consistently move above that area could trigger another downside correction testing 1.4650 area.



GBPUSD Forecast:

We had a quite volatile market yesterday. After hit the top at 1.5882, the GBPUSD attempted to push lower, bottomed at 1.5727 but bearish pressure was limited as the pair closed higher at 1.5795. On h4 chart below we can see that this was a case of a false breakdown from my 1.5760 key support area. Today, beside that support area, I will be watching any reactions around 1.5882 (yesterday's high) and trendline resistance (blue) area. Consistent move below 1.5760 or a rejection to move above 1.5880 and the trendline resistance area might give us a good short trade opportunity. Long position is not recommended at this phase.




USDJPY Forecast:

The USDJPY bullish correction was paused yesterday. The pair attempted to push higher, topped at 90.45 but closed lower at 89.78. I think this is a normal movement. My key support area for today remains at 89.60/30 area. As long as the pair able to move above that area, I believe we will see further bullish correction re-testing 90.40 even 91.50 area. However, a failure to consistently move above that support area should be seen as potential threat to the bullish correction re-testing 88.22 area. CCI just cross the 100 line down on h4 chart suggesting potential downside pressure.



USDCHF Forecast

The USDCHF failed to continue it's bullish correction yesterday. On h1 chart below we can see that beside the bullish channel violation, price is now traded below the trendline and 1.0300 area indicating a bearish view. The bias is bearish in nearest term targeting 1.0166 but we might have a good support around 1.0235 area. Immediate resistance at 1.0300. Break above that area should lead us into no trading zone as direction would become unclear but long position is not recommended at this phase.



Have a great day!