The EURUSD peaked at 1.4917 after an optimistic statement about Euro economy outlook from the ECB, but closed lower at 1.4871, formed a Doji on daily chart indicating indecisive movement. While my technical outlook remains bullish with 1.5060 and 1.5300 as potential target, I think the market is waiting for NFP and unemployment rate today, which expected to be at -175 K and 9,9%. While most economic data both in US and Euro generally show positive signals, many analysts see high rate of unemployment as a potential obstacle to the recovery progress. I have three possible scenarios regarding NFP number:
- No surprise: If the actual number is the same or only have small difference with expected number, the EURUSD should continue the bullish.
- Big downside surprise: If the actual number much lower than expected, the Dollar might benefit as risk aversion might increase.
- Big upside surprise: If the actual number much higher than expected, the Dollar might suffer as risk appetite might increase.
On technical side, as you can see in my h4 chart below, after the false breakdown, price reverse higher and made a breakout and now retrace lower, struggling around the upper line of my range area. The way I see it, it’s just a normal downside pullback before continue further bullish momentum. Immediate support remains around 1.4800 area. Break below that area should lead to no trading zone as direction would become unclear for me. CCI just cross the 100 line down on h4 chart suggesting potential downside pressure but any bearish movement should be seen as correction at this phase.
GBPUSD Forecast:
The GBPUSD also indecisive yesterday. The BoE decided to increase the quantitative easing program by £25bn to £200bn. Although the QE program was expanded, the Sterling edges higher as market expected a £50bn expansion.
On h4 chart below, we can see that the price still able to stay above my triangle indicating potential bullish continuation targeting at least 1.6700 area before re-testing 1.7042. Immediate support at 1.6520 followed by 1.6464 (yesterday’s low) and the upper line of the triangle. A movement back inside the triangle should be seen as potential threat to my technical bullish outlook. CCI just cross the 100 line on h4 chart so watch out for potential downside pressure. Eyes on US NFP and unemployment rate today.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, bottomed at 89.98 but whipsawed to the upside and closed higher at 90.74. This fact indicating that potential upside pressure is still alive and kicking with the lower line of the bullish channel remains potential resistance area to be tested. On the downside, I have a new trendline support (red) as an important support at this phase. I still think that now is not the best time to trade, but if my trendline support violated to the downside, my bearish mode will be confirmed. Immediate support at 90.50 followed by 89.89 (yesterday’s low).
USDCHF Forecast
Similar to EURUSD and GBPUSD, the USDCHF was indecisive yesterday. On my h4 chart below we can see that the pair still struggling around the lower line of the range area at 1.0166. I think we are in no trading zone now. Technically I still prefer a bearish scenario after false breakout on Tuesday with 1.0000/40 as potential target but we need a convincing movement below 1.0166 to confirm the bearish scenario. Immediate resistance at 1.0192 (yesterday’s high) followed by 1.0270. Eyes on US NFP and unemployment rate today.
EURJPY Forecast
The EURJPY attempted to push lower, slipped below my trendline support, bottomed at 133.35 but whipsawed to the upside and closed higher at 134.95. Another technical mess 
Although this fact indicating potential upside scenario with 136.08 as potential target, I still prefer to stand aside for now until all these noises from important economic data is over. I hope we already have clearer direction next week. Immediate support at 134.45 and the trendline support area.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 148.52 but whipsawed to the upside and closed much higher at 150.42, formed a Doji on daily chart indicating indecisive market. In nearest term, I think the bias is more to the upside, but as you can see in my daily chart below, price still struggling around my trendline resistance (red, circled). We need a consistent move above the trendline resistance to confirm bullish scenario towards 153.20 area. Immediate support at 150.00 – 149.80 area. Break below that area should trigger further bearish momentum re-testing 148.52 (yesterday’s low) and potentially threat the bullish outlook.
AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.9023 but whipsawed to the upside and closed higher at 0.9096, formed a Doji on daily chart indicating indecisive market. On h4 chart below we can see that the pair still able to stay above the trendline indicating bullish scenario still intact with technical target at least around 0.9180 before re-testing 0.9327. Immediate support at 0.9090 and the trendline support area. Break below that area should lead us inot no trading zone as direction would become unclear for me, but I still prefer a bullish scenario.
