FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast: Euro recovered, the bearish channel violated. Technical levels to be watched today
The EURUSD bearish momentum was stopped yesterday. The pair failed to move consistently below 1.4250 and the Dollar was weaken significantly after new home sales number unexpectedly fell to 355K. Price topped at 1.4365 and closed at 1.4328. On h4 chart below, we can see that the bearish channel has been violated to the upside indicating potential threat to the bearish outlook. Remember that the bearish momentum in the last three weeks has been attempting to test the long term key support level at 38.2% Fibonacci retracement of 1.2456 – 1.5143 around 1.4127 area. Although it's too early to say that the bearish momentum is over, the bearish channel violation should keep the long term bullish scenario remains intact convincingly. The bias is bullish in nearest term testing 1.4420 area. Immediate support at 1.4270 – 1.4250 area. Break below that area should keep the bearish scenario intact testing 1.4170 – 1.4127 area. Break above 1.4420 should be seen as bearish failure and trigger bullish scenario back towards 1.4620 area.



GBPUSD Forecast:
The GBPUSD made indecisive movement yesterday, formed a Doji on daily chart. The bias is neutral in nearest term and I am in no trading zone now but the fact that price still below 1.6000 – 1.6050 area should keep the bearish scenario towards 1.5800 intact, especially if price break below 1.5920 today. On h4 chart below we can see that price is now testing the minor trendline resistance (blue). Break above that trendline should trigger further upside correction testing 1.6050 area. Break above 1.6050 area should be seen as potential bearish failure and could trigger further bullish momentum towards 1.6113 area.



USDJPY Forecast:
The USDJPY bullish momentum was paused yesterday. Price only moved 56 pips indicating consolidation. So far this fact is still considered as normal correction and the bullish scenario towards 92.32 area should remains intact unless price break below 91.30 support area today, testing 90.80 and trendline support area and could be a serious threat to the bullish outlook. The bias is neutral and I will stay out for now and wait for further development.



USDCHF Forecast
The USDCHF was corrected significantly lower yesterday, bottomed at 1.0358 and closed at 1.0393. On daily chart below we can see that this was a case of a false breakout from 1.0450 area which should trigger significant bearish momentum testing 1.0230 area. Immediate resistance at 1.0400 – 1.0450 area. CCI just cross the 100 line down on daily chart suggesting potential downside pressure.





Hae a great day!