EURUSD Forecast:
The EURUSD attempted to push lower yesterday but as you can see on my h1 chart below the lower line of the minor bullish channel did a good job preventing further downside pressure, keep the upside correction scenario intact. The bias is neutral in nearest term. Note that the major technical bearish remains intact and we need a consistent move above 1.3415 area to continue the bullish correction targeting 1.3500 even 1.3600 region this week. On the downside, only a clear break below 1.3267/00 area could be seen as the end of the bullish correction and continue the bearish scenario towards 1.3100 area.
GBPUSD Forecast:
The GBPUSD was able to maintain its bullish bias yesterday, topped at 1.5496 and closed at 1.5455 but traded lower around 1.5435 at the time I wrote this comment today. The bias is neutral in nearest term. Overall the pair still move in range area of 1.5520 – 1.5200 indicating consolidation after bullish run from 1.4779 but I still prefer a bullish scenario at this phase. However we need a clear break above 1.5520 to continue the bullish scenario targeting 1.5750 – 1.5800 area this week. Immediate support at 1.5370. Break below that area could trigger further downside pressure but as long as price stay above 1.5200 the bullish scenario remains intact.
USDJPY Forecast:
The USDJPY failed to continue its bullish momentum yesterday. Very tricky pair. On h1 chart below we can see that price corrected lower after found resistance around 94.35 area and keep moving lower and now testing the lower line of the bullish channel, struggling around 93.75 support area. Break below that area should trigger further bearish pullback testing 93.30 – 93.00 region. The bullish scenario remains intact but we need a clear break above 94.70 area to continue the bullish scenario towards 95.50 and 96.70. I think I will stay away from this pair for now.
USDCHF Forecast
The USDCHF still show no clear direction in a volatile market so far and we are still in no trading zone for this pair. Overall price still move in range area of 1.0888 – 1.0420. However, note that the raising wedge formation indicating potential bearish scenario especially if price break below the wedge testing 1.0420. Immediate support is seen at 1.0660/75. Break below that area could trigger further bearish pressure testing 1.0600. Initial resistance at 1.0786 (yesterday’s high) followed by 1.0848.
Labels: Forex Analysis, forex signal, Forex Trend
