EURUSD Forecast:
The EURUSD attempted to push lower on Friday, bottomed at 1.3444 but whipsawed to the upside, closed higher at 1.3594 and keep moving higher around 1.3625 at the time I wrote this comment. On h1 chart below we can see that the minor bearish channel has been violated to the upside indicating potential bullish correction momentum targeting 1.3750 area. However note that the major trend should remain bearish. Immediate support at 1.3585/30 area. Break below that area should cancel the bullish correction scenario and continue its major trend re-testing 1.3400 area.
GBPUSD Forecast:
The GBPUSD attempted to push lower on Friday, bottomed at 1.5347 but closed higher at 1.5452 indicating limited bearish. On h4 chart below we can see that price seems to ready to test the upper line of the minor bearish channel. The bias is bullish in nearest term but as long as price stay below 1.5560 I still prefer a bearish scenario since the main trend should remain bearish and the current bullish momentum should be seen only as a corrective move. Immediate support at 1.5400. Break below that area should be seen as potential threat to the bullish correction scenario re-testing 1.5347 before aim for 1.5250 area.
USDJPY Forecast:
The major trendline resistance was proved to be a good resistance area at this phase as price moving lower after touch the trendline on Friday. The trendline area seems to be a good place for a short position with a tight stop loss above it. Good technical set up and risk-reward ratio. Immediate resistance at 92.30. Consistent move above that area could be seen as potential bullish reversal scenario at least targeting 93.75 area. Immediate support at 91.25. Break below that area should trigger further bearish scenario towards 90.50 area.
USDCHF Forecast
The USDCHF failed to continue bullish momentum after touched the upper line of the major bullish channel (blue line), bottomed at 1.0758 and closed at 1.0768. On h1 chart below we can see that the minor bullish channel has been violated to the downside indicating potential bearish correction scenario testing 1.0700 – 1.0600 area. However note that the main trend should remain bullish and the current bearish momentum should be seen as corrective movement. Another movement above 1.0800 area should be a serious threat to the bearish correction scenario and continue its major bullish scenario targeting 1.1000.
EURJPY Forecast
The EURJPY had a significant technical movement earlier today in Asian market, break above 124.80 resistance area. This fact should continue the bullish correction scenario target 126.40 area in nearest term. Another movement back below 124.80 should lead us into no trading zone but the minor bullish correction scenario should remain as long as price move inside the bullish channel.
GBPJPY Forecast
As you can see on h4 chart below, the lower line of the bullish channel was proved to be a good support area at this phase as price bounced higher after failed to move below it indicating the bullish correction scenario remains intact at least targeting 143.00 area. Immediate support at 141.40 area. Consistent move below that area and below the bullish channel should be seen as a serious threat to the bullish correction scenario and continue the bearish scenario re-testing 139.50 even 138.23 area.
AUDUSD Forecast
The AUDUSD attempted to push lower on Friday, slipped below 0.8910, bottomed at 0.8877 but closed higher at 0.8982. This fact could be seen as a false breakdown scenario which could trigger significant bullish momentum testing 0.9040 area. Break above that area should lead us into further bullish scenario targeting 0.9140 area. Immediate support around 0.8910/50 region.
