FXInstructor.com Daily Forecasts with Setyo Wibowo

Daily Forecast : August 11

, 08-11-2010 at 12:24 AM (504 Views)

EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.3074, closed higher at 1.3175 and now traded lower again 1.3105 at the time I wrote this comment. Overall we are still in bullish phase but if there are times when price will make potential significant downside correction, now is one of those times. Like I said, we are now in a tricky phase. The bias is neutral in nearest term but further downside pullback still potential from here testing 1.3045/00 region especially if price able to move consistently below 1.3105. Bullish may re-gain its momentum again only if able to stay consistently above 1.3250.

GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5709 closed higher at 1.5850 but traded lower around 1.5790 at the time I wrote this comment. The bias is neutral in nearest term and overall we are still in bullish phase as long as price move inside the bullish channel but further downside pressure still potential from here re-testing 1.5735/09 support area. Consistent move below that area could trigger further bearish pressure testing 1.5660 even 1.5550 region. Bullish may re-gain its momentum again only if able to stay consistently above 1.5966.

USDJPY Forecast:
The USDJPY attempted to push higher yesterday, slipped above the minor trendline resistance but whipsawed to the downside and now back below the trendline resistance indicating potential further bearish pressure as we may have a false breakout scenario here. However we know that 85.30/00 region is a strong support area and need to be clearly broken before testing 84.82 and 83.35 region. Immediate resistance at 85.96 followed by 86.25 area.

USDCHF Forecast
The USDCHF attempted to push higher yesterday, topped at 1.0617 but whipsawed to the downside and closed lower at 1.0484 in a high volatile market. The bias is neutral in both nearest and medium term as price still consolidating in range area of 1.0675 1.0350. Immediate resistance at 1.0580. Break above that area could trigger further upside pressure testing 1.0675. Initial support at 1.0450. Break below that area could trigger further bearish pressure testing 1.0350.

Have a great day!