FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast
The EURUSD was indecisive yesterday and now struggling around 1.3800 key level. After two days of strong bullish momentum on Monday and Tuesday, any correction/consolidation movement is normal and overall the technical bias still more to the upside especially if price able to make another clear breakout above 1.3860 still targeting 1.4000 resistance area this week before testing 1.4200 – 1.4300. On the downside, a clear break below 1.3700 could be a threat to the bullish outlook as a false breakout scenario could be produced, not only could lead us back to range condition but also open the door for further bearish pullback testing 1.3500 key support area. I will stand aside for now but still prefer a bullish scenario and expecting another strong breakout to the upside to reactivate my bullish mode.



GBPUSD Forecast
The GBPUSD attempted to push higher yesterday, topped at 1.6229 but closed lower at 1.6163. The bias is neutral in nearest term but still within the context of a strong bullish scenario still targeting 1.6300 this week especially if price able to make another strong break above 1.6229. A break above 1.6300 could open the door for further bullish scenario testing 1.6500 region. Immediate support at 1.6127 – 1.6100 area. A clear break below that area could trigger further bearish pullback testing 1.6050 – 1.6000 but as long as price stays above 1.6000 overall we are still in a bullish phase.



USDJPY Forecast
The USDJPY attempted to push higher yesterday after unable to break below 81.30 support area, topped at 81.84 but closed lower at 81.54. On h1 chart below we can see price is moving in a narrow range of 81.80 – 81.30. The bias is neutral in nearest term but overall my technical view still suggests more downside bias especially if price able to break below 81.30 still targeting 80.90 and 80.30 support area. On the upside, consistent move above 81.80 could trigger further upside correction testing 82.50 resistance area even higher.



USDCHF Forecast
The USDCHF was corrected higher yesterday, topped at 0.9440 and closed at 0.9401. The bias is neutral in nearest term. We are still in major bearish scenario but would need a clear break below 0.9300 to continue the bearish pressure testing 0.9200 area. On the upside, further bullish correction above 0.9440 could trigger further upside pressure testing 0.9525 resistance area in nearest term but unless price break above the falling wedge formation and consistently move above 0.9600, the major scenario remains to the downside.



Have a greay day!