EURUSD Forecast:
The EURUSD continued its bullish momentum on Friday after price break above the trend line resistance as you can see on my h1 chart below. This fact could trigger further upside pressure testing 1.2930 key resistance area like I said on my weekly summary. We are still in upside correction phase here. Break above 1.2930 could trigger further bullish momentum testing 1.3115. On the downside, immediate support at 1.2830 area. Break below that area and violation to the downside of the bullish channel could diminish the bullish outlook and keep the medium bearish outlook intact.
GBPUSD Forecast:
The GBPUSD had a bullish momentum on Friday after break above the triangle as you can see on my h4 chart below. This fact could trigger further upside correction testing the trend line resistance and 1.5525 – 1.5575 region in nearest term. Immediate support at 1.5420. Break below that area could trigger further bearish pressure testing 1.5350 area and keep the major bearish scenario remains strong.
USDJPY Forecast:
The USDJPY attempted to push higher on Friday, topped at 85.21 but whipsawed to the downside and closed lower at 84.41. This fact should keep the major bearish scenario intact with 83.59 as the nearest level to be re-tested. On the upside, only a move above the trend line resistance could be a serious threat to the current bearish outlook.
USDCHF Forecast
The USDCHF slipped above 1.0220 on Friday but closed lower at 1.0170. The bias remains neutral in nearest term. Price still move inside the minor bullish channel indicating we are still in upside correction phase but only a break above the trend line resistance (red) could seriously threat the major bearish outlook. On the downside we need a clear break below 1.0130 and the minor bullish channel to continue the downside pressure testing 1.0030.
Labels: Forex Analysis, forex signal, Forex Trend
