GBPUSD Daily Forecast
The GBPUSD had a bullish momentum yesterday, topped at 1.6342 and closed at 1.6323. The bias is bullish in nearest term but we seem to have a good resistance around 1.6380 area. Break above that area should trigger further bullish momentum towards 1.6470 area. However I still believe that now is not the best time to trade and I still focus more on the unclear medium bias, where price trapped between 1.6660 – 1.6000 with a series of false breakdown/breakout adding uncertainty (see chart below).
EURUSD Daily Forecast
The EURUSD didn’t make significant movement yesterday. The pair attempted to push lower, bottomed at 1.3910 but closed higher at 1.3970. On daily chart below we can see that the trendline support still hold so far, preventing further bearish pressure and protecting 1.3750 key support level. On the upside, we know that 1.4050/70 area has been a strong resistance since last week but remains a potential area to be tested. For today, expect a ranging market between 1.4050 and 1.3850. Break above 1.4050/70 area should trigger further bullish momentum re-testing 1.4176.
EURJPY Forecast
The EURJPY continued its bullish correction yesterday, topped at 130.92 and closed at 130.80. The bias remains bullish in nearest term testing 131.50 key level resistance. Clear break above that area should be a serious threat to the H&S bearish scenario. Immediate support is seen at 129.80. CCI just cross the -100 line on daily chart suggesting potential upside pressure.
GBPJPY Forecast
The GBPJPY continued it’s bullish correction yesterday, topped at 152.99 and closed at 152.79. We are now in critical situation where the price is ready to test the key resistance level 153.00. Break above that area should trigger further bullish momentum and could be the end of bearish medium term outlook. Immediate support is seen at 151.60 followed by 150.80.
AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday, topped at 0.7947 and closed at 0.7943. The bias is bullish in nearest term but we seem to have good resistance around 0.7950 area. Clear break above that area should trigger further bullish momentum towards 0.8000 and 0.8050 area. Immediate support at 0.7880.
USDCHF Daily Forecast
The USDCHF attempted to push higher yesterday, topped at 1.0937 but closed lower at 1.0877. On daily chart below we can see that the price made a breakout for the triangle but closed back inside the triangle so we must see this as a false breakout for now and that brings us into no trading zone. Immediate resistance is seen at 1.0970. Initial support at 1.0820 followed by 1.0750.
USDJPY Daily Forecast
The “hammer” formation gave us a valid bullish correction signal yesterday. The USDJPY topped at 93.75 and closed at 93.61. The bias remains bullish in nearest term testing key resistance area 94.60. Unless that area violated to the upside, I still prefer downside scenario in medium term. Immediate support is seen at 92.50. CCI just cross the -100 line up on daily chart suggesting potential upside pressure.
