by: Setyo Wibowo
EURUSD Forecast:
The EURUSD continued it’s bearish momentum yesterday, bottomed at 1.4044 and closed at 1.4069. On h4 chart below we can see that the trendline has been violated to the downside indicating bearish view but still unable to move consistently below 1.4050 area. The bias remains bearish in nearest term targeting 1.3950, but we need a clear break below 1.4050 to confirm the bearish scenario. A failure to break below that area could trigger some upside rebound momentum testing 1.4100 – 1.4150 resistance area. CCI in oversold area and heading up on h4 chart so watch out for potential upside rebound.
GBPUSD Forecast:
The GBPUSD had had a significant bearish momentum yesterday, bottomed at 1.6274 and closed at 1.6331. On daily chart below we can see that the trendline support has been violated to the downside indicating a bearish view. The bias is bearish in nearest term targeting 1.6180 area. However CCI in oversold area and heading up on h4 chart so watch out for potential upside rebound testing 1.6370/90 resistance area. Break above that area should lead us into no trading zone.
USDJPY Forecast:
The USDJPY had another moderate bearish momentum yesterday. on Friday. On h4 chart below we still have a valid bearish channel and price convincingly traded below trendline support indicating bearish mode. The bias remains bearish in nearest term and still targeting 93.80 area. CCI just cross the -100 line up on h4 chart so watch out for potential upside rebound testing 94.85 resistance area.
USDCHF Forecast
The USDCHF had a moderate bullish momentum yesterday, topped at 1.0834 but closed lower at 1.0785. On h4 chart below we can see that the bearish channel has been violated to the upside indicating a bearish scenario failure. On the other hand the pair is making a new bullish channel indicating potential bullish outlook. I prefer a bullish scenario targeting 1.0940 but the bias is neutral in nearest term. It’s often happen in the market when the price will try to move towards the upper line of the bearish channel, even inside the bearish channel again but long short position is not recommended at this phase. Immediate support at 1.0750/30 area. Break below that area should lead us into no trading zone.
Labels: Forex Analysis, Forex Indicator, forex signal, Market Analysis, Market Trend, money trading
