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FXInstructor.com Daily Forecasts with Setyo Wibowo

Daily Forecast: November 17

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Setyo Wibowo
, 11-17-2010 at 12:54 AM (540 Views)
EURUSD Forecast
The EURUSD continued its bearish momentum yesterday, bottomed at 1.3446 after made a clear break below 1.3560/70 support area. The bias remains bearish in nearest term targeting 1.3333 this week especially if price able to move consistently below 1.3500. I don’t see significant technical support between 1.3500 - 1.3333 so unless we have fundamental/economic number surprises, the journey to 1.3333 should be relatively smooth. Immediate resistance at 1.3570. Break above that area could trigger further upside pullback testing 1.3650 – 1.3700 resistance area. We have no significant bullish rebound since bearish momentum from 1.4230 on November 05 so any upside pullback is normal but overall we are still in strong bearish phase.



GBPUSD Forecast
The GBPUSD had a significant bearish momentum yesterday, touched the lower line of the bullish channel but still unable to break below the channel so far. The bias remains bearish in nearest term but need a clear break below the bullish channel to continue the bearish momentum and confirm the bearish reversal scenario at least targeting 1.5650 area. Immediate resistance at 1.5900. Break above that area could lead us to neutral zone in nearest term testing 1.5950 – 1.6000 and keep the major bullish scenario intact.



USDJPY Forecast
The USDJPY attempted to push lower yesterday, bottomed at 82.84 but whipsawed to the upside and closed higher at 83.37. This fact keeps the bullish scenario intact targeting 83.70 – 84.00 in nearest term before testing 84.70 and 85.93. Immediate support at 82.84 (yesterday’s low). Break below that area could lead us to neutral zone in nearest term but overall we are still in bullish phase now.



USDCHF Forecast
The USDCHF had a significant bullish momentum yesterday, breakout above the triangle as you can see on my h4 chart below indicates potential bullish reversal scenario targeting 1.0000 and 1.0182. Immediate support at 0.9900. Break below that area could trigger further bearish pullback testing 0.9850 – 0.9800 but overall I think we are still in strong bullish phase and short position is not recommended.



Have a great day!
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Technical Analysis Commentary

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