EURUSD Forecast
The EURUSD continued its bearish pressure yesterday, bottomed at 1.3093 and closed at 1.3116 but corrected higher earlier today in Asian session hit 1.3193. As you can see on daily chart below we have an important trend line support, which could be a good technical support for the Euro as we are entering Christmas season and the end of the year. The bias is neutral in nearest term, but a clear break above 1.3193 could trigger further bullish pullback testing 1.3250 resistance area. On the downside, break below 1.3116 (current low) would keep the bearish pressure remains strong targeting 1.3060 before testing 1.2968 – 1.2920 this week.
GBPUSD Forecast
The GBPUSD was volatile but indecisive yesterday. On h4 chart below we can see price is moving in a triangle formation indicates consolidation but as long as price moves inside the bearish channel overall we are still in a bearish outlook. The bias is neutral in nearest term. Immediate resistance at 1.5580. Break above that area could trigger further bullish pullback testing 1.5650 and the upper line of the triangle. On the downside, another strong movement below 1.5500 would keep the bearish scenario remains strong testing 1.5450 – 1.5400 before testing 1.5300 support area this week.
USDJPY Forecast
The USDJPY continued its bearish bias yesterday after failed to make a clear break above 84.40 key resistance area last week. On h4 chart below we can see price seems ready to test the trend line support (white) and 83.10 support area in nearest term. Overall we are still in range market. A clear break below the trend line support could trigger further bearish pressure testing 82.80/50. Immediate resistance at 84.11 followed by 84.40. Technically we still need a clear break above 84.40 to continue the bullish scenario testing 85.00/20.
USDCHF Forecast
The USDCHF had a bearish momentum yesterday, bottomed at 0.9630 and hit 0.9619 earlier today in Asian session. The bias is bearish in nearest term testing 0.9550. A clear break below that area would give us further bearish continuation validation at least testing 0.9461. Note that we are now entering Christmas season and the end of the year where ranging market is potential. Immediate resistance at 0.9733. Break above that area could trigger further bullish pullback testing 0.9800. CCI is moving up and down between 100 and -100 level on h4 chart suggests that this pair is not a good pair to be traded right now.
Labels: Forex Analysis, forex signal, Forex Trend
