FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast:
The EURUSD had a moderate bullish momentum yesterday, topped at 1.4736 and closed at 1.4707. On h4 chart below we can see that the pair still trapped in rising wedge area. The bias is bullish in nearest term targeting 1.4800 area. However, the rising wedge on h4 chart and CCI divergence on daily chart I showed you yesterday still give valid bearish reversal/warning, so I will keep stay out for now. If the rising wedge violated to the upside, that would be a bearish reversal scenario failure and would give me a bullish set up. At this phase, potential place to put a long position at is the around the rising wedge lower line with very tight stop loss below it. Short positions is not recommended unless we really have a valid rising wedge breakdown. Immediate support at 1.4640 (yesterday's low). Break below that area could be considered as a breakdown to the rising wedge and could lead us back to 1.4570 or even 1.4446 area.



GBPUSD Forecast:
The GBPUSD made indecisive movement yesterday, formed a Doji on daily chart. On h4 chart below we can see that the pair still trapped between 38.2% - 50% Fibo retracement of 1.6113 – 1.6740. The bias remains neutral in nearest term and I think we are still in no trading zone now. Be patient and do not rush jump into the market. The key levels at this phase is 1.6400 support and 1.6580 resistance. Break below 1.6400 should trigger further bearish momentum towards 1.6200 while break above 1.6580 should trigger further bullish momentum re-testing 1.6740 area.



USDJPY Forecast:
The USDJPY attempted to push lower yesterday bottomed at 90.11 but further bearish momentum was rejected as the pair whipsawed to the upside and closed higher at 90.89. On h1 chart below we can see that the 90.20 area which connected by the red horizontal line has been a strong support so far. On the upside, the trendline resistance and 91.80 area are my key level resistance area at this phase. As long as the pair stay below that area I still prefer a downside scenario. The bias is bullish in nearest term testing the trendline resistance area but I will stay out for now as the bearish scenario remains intact. A violation to the trendline resistance should trigger further bullish momentum re-testing 91.80 area.



USDCHF Forecast
The USDCHF made a moderate bearish momentum yesterday. On h4 chart below we can see that after breakdown below range area of 1.0715 – 1.0527 area, the pair keep moving lower. Although we have bearish exhaustion warning indicated by 2 inverted hammer I showed you yesterday, the fact is we do not see significant bullish correction yet. The bias is bearish in nearest term targeting 1.0250/10 area. CCI in oversold area and heading down on h4 chart so watch out for potential upside rebound testing 1.0420 resistance area. Break above that area should lead us into no trading zone.



Have a great day!