EUR/USD Daily Forecast

Thursday, July 29, 2010

The EURUSD made another indecisive movement yesterday, formed another Doji on daily chart. Price still unable to consistently move above 1.3000 and we know that it is a very strong resistance, which could produce bullish exhaustion and downside consolidation unless price able to break above 1.3045 area, targeting 1.3120 before testing 1.3270 - 1.3340 region. The bias remains neutral in nearest term but overall we are still in bullish phase. Immediate support at 1.2900 - 1.2880 area. Break below that area could trigger further bearish momentum testing 1.2735 key support area.

Daily Forecast for Crosses

EURJPY Daily Forecast

The EURJPY failed to continue its bullish momentum yesterday and slipped below 113.50 indicating potential bullish failure and a false breakout scenario. I will stand aside from this phase for now. Immediate support at 112.70/60 region. Break below that area could trigger further downside pressure testing 111.60/50 area. On the upside, 115.50 and 117.00 remains the nearest bullish targets.

GBPJPY Daily Forecast

The GBPJPY attempted to push higher yesterday, topped at 137.55 but closed lower at 136.18. On h1 chart below we have a descending triangle formation indicating potential bearish in nearest term especially if price breakdown below the triangle targeting 135.50/15 region. On the other hand, breakout above the triangle could trigger further upside momentum re-testing 137.55 as bearish scenario fails.

AUDUSD Forecast

The AUDUSD had a bearish momentum yesterday. The rising wedge formation bearish warning is now become more real, threat the bullish scenario especially if price able to move consistently below the formation and 0.8858 key support area at least testing 0.8770. Immediate resistance at 0.8980 area. Break above that area could trigger further upside pressure testing 0.9025/70 region.

GBP/USD Daily Forecast

The GBPUSD was indecisive yesterday, made a Doji on Daily chart, pause the bullish momentum. The bias is neutral in nearest term. Immediate support at 1.5470. Break below that area could trigger further downside pullback but as long as price move inside the bullish channel wee area still in strong bullish phase. On the upside potential bullish targets remains at 1.5685 and 1.5815 region.

USD/JPY Daily Forecast

The USDJPY failed to continue its bullish correction yesterday. On h1 chart below we can see that price is now testing the trendline support indicating critical phase. Break below the trendline support could trigger further bearish pressure testing 86.82/33 region and could potentially end the upside correction. Immediate resistance at 88.23/11 area.

USD/CHF Daily Forecast

The USDCHF failed to continue its bullish correction yesterday but still able to move above 1.0560/40 support area so far. The bias is neutral in nearest term. Consistent move below 1.0560/40 and a break below the trendline support (red) could end the upside correction testing 1.0500 - 1.0480 before targeting 1.0399 key support area. On the upside, 1.0675 - 1.0750 remains the bullish correction nearest targets.

EUR/USD Daily Forecast

Wednesday, July 28, 2010

The EURUSD attempted to push higher yesterday, topped at 1.3045 but again, failed to consistently move above 1.3000 so far. The bias is neutral in nearest term but I believe we are still in strong upside phase unless price break below 1.2735 region. Immediate support at 1.2950 followed by 1.2880. On the upside, 1.3120 remains the nearest bullish target.

Daily Forecast for Crosses

EURJPY Daily Forecast

The EURJPY finally broke above the range area of 113.50 - 108.07 , topped at 114.41 and closed at 114.21. This fact change my medium mode into bullish outlook testing 115.50 before targeting 117.00 region. Another downside pullback below 113.50 would lead us into neutral and no trade zone but overall we are still in upside correction phase which begin from 107.50.

GBPJPY Daily Forecast

The GBPJPY also made a breakout from the range area yesterday, topped at 137.21 and closed at 136.99. The bias is bullish in nearest term testing 138.18 - 139.38 before targeting 140.56 region. On the downside, immediate support at 136.30 (former resistance). Break below that area could lead us into neutral and no trade zone testing 135.30.

AUDUSD Forecast

The AUDUSD failed to continue its bullish momentum yesterday. Like I said, although the main scenario remains bullish, the bearish warning indicated by the rising wedge can not be ignored especially if price break below 0.8858 area testing 0.8740 even 0.8630 region. Immediate resistance at 0.9070. Break above that area could continue the bullish scenario testing 0.9140 and 0.9380 area. I will stay away from this pair for now.

GBP/USD Daily Forecast

The GBPUSD continued its bullish momentum yesterday, topped at 1.5600 and closed at 1.5594. The bias remains bullish in nearest term targeting 1.5685. Break above that area could trigger further upside pressure testing 1.5815. Immediate support at 1.5470 (former resistance). Break below that area could lead us into neutral zone but overall we are still in upside phase.

USD/JPY Daily Forecast

The USDJPY had a significant bullish momentum yesterday, break above my minor trendline resistance as you can see on my h1 chart below. The bias is bullish in nearest term targeting 88.23 area before testing 89.10. However note that the major scenario remains to the downside. Immediate support at 87.30 region. Break below that area could trigger further bearish pressure testing 86.82.

USD/CHF Daily Forecast

The USDCHF finally broke above the range area, topped at 1.0640 and closed at 1.0599. This bias is bullish in nearest term testing 1.0675 and 1.0750 area but note that the major trend remains bearish. Immediate support at 1.0560/40 region. Break below that area could lead us into neutral zone in nearest term testing 1.0500 area.

EUR/USD Daily Forecast

Tuesday, July 27, 2010

The EURUSD touched 1.3000 area yesterday but still unable to move consistently above that psychological/key level so far. On h4 chart below we can see that we may have a triple top formation around 1.3000. Consistent move above 1.3000 could trigger further bullish pressure testing 1.3120 even higher. On the other hand, break below 1.2735 confirms the triple top scenario and could be a serious threat to the current bullish outlook. Immediate support at 1.2950 (23.6% Fibo retracement of 1.2793 - 1.3005). Break below that area could trigger further bearish pullback testing 1.2875 (61.5% Fibo retracement of 1.2793 - 1.3005).

Daily Forecast for Crosses

EURJPY Daily Forecast

The EURJPY was indecisive yesterday. Price so far unable to stay consistently above 113.50 area indicating limited upside pressure. Overall price still trapped in range area of 113.50 - 108.07. We need a consistent move above 113.50 to continue the bullish correction testing 115.50. Immediate support at 112.25 followed by 111.50/60 region.

GBPJPY Daily Forecast

The GBPJPY attempted to push higher yesterday, topped at 135.60 but closed lower at 134.64. Overall we are still in range area of 136.30 - 130.50 and I will keep stay away from this pair for now. On h1 chart below we have a descending triangle formation indicating potential downside pressure especially if price break below the triangle testing 133.70/20 support area. On the upside, we need a clear break above 136.30 resistance area to confirm the bullish scenario testing 139.38 region.

AUDUSD Forecast

The AUDUSD had a moderate bullish momentum yesterday. The main scenario remains bullish but the rising wedge bearish scenario warning is still there and we need price to violate the formation with strong momentum to continue the bullish scenario targeting 0.9140 before testing 0.9380 in longer term. On the downside, only a break below 0.8858 and the rising wedge formation could be considered as potential bullish failure.

GBP/USD Daily Forecast

The GBPUSD slipped above 1.5470 resistance area indicating potential further upside pressure at least targeting 1.5573 (February 23 high) before testing 1.5685 region (February 18 high). Another move below 1.5470 could lead us into neutral zone in nearest term testing 1.5400 but overall we are still in strong bullish phase and I prefer buy the dips strategy at this phase.

USD/JPY Daily Forecast

The USDJPY failed to continue its bullish correction yesterday and now back below 87.00. My short term technical study is a a little bit mess for this pair but overall the major scenario remains to the downside with nearest bearish target around 86.25 - 85.86 before re-testing 84.80 area. Immediate resistance at 87.50 followed by 88.23.

USD/CHF Daily Forecast

USDCHF is moving inside a rectangle area indicating consolidation after significant bearish momentum. We need a break from the range area to see clearer direction. Break above 1.0560 could trigger further bullish pullback testing 1.0650/70 while a break below 1.0399 could continue the major bearish scenario targeting 1.0320 and 1.0220 region.

EUR/USD Daily Forecast

Monday, July 26, 2010

The EURUSD was indecisive on Friday. Price attempted to push lower, bottomed at 1.2794 but closed higher at 1.2914. On h4 chart below we can see that price is moving inside a triangle formation after failed to consistently move above 1.3000 and found support around 1.2735 indicating consolidation. Breakout above the triangle could trigger further upside pressure re-testing 1.3000 before targeting 1.3120. On the other hand, breakdown below the triangle could trigger further bearish pressure testing 1.2735 region. Overall we are still in bullish phase.

Daily Forecast for Crosses

EURJPY Daily Forecast

The EURJPY continued its upside pressure on Friday. On daily chart below we can see price is now testing 113.50 key resistance which is the upper line of my range area. A consistent move above that area could trigger further upside pressure targeting 115.50 before testing 117.00. Immediate support at 112.50. Break below that area could trigger further downside pressure and lead us back into range and no trading zone.

GBPJPY Daily Forecast

The GBPJPY had a significant bullish momentum on Friday after breakout above my minor trendline resistance as you can see on my h4 chart below. The bias is bullish in nearest term testing 136.30 but note that overall we are still consolidating between 136.30 - 130.50. We need a clear break above 136.30 to take us into a new bullish phase at least testing 139.38 area. Immediate support at 134.50/00 region.

AUDUSD Forecast

The AUDUSD had a limited bullish momentum on Friday. The bias is neutral in nearest term but overall we are still in strong bullish phase targeting 0.9076. The tricky thing is that we have a rising wedge formation which is a bearish formation especially if price break below the formation and 0.8858 support area.

GBP/USD Daily Forecast

The GBPUSD continue its bullish momentum on Friday, topped at 1.5448 and closed at 1.5420. The bias is bullish in nearest term especially if price able to move consistently above 1.5470 area targeting 1.5573 (February 23 high) before testing 1.5685 region (February 18 high). Immediate support at 1.5400 - 1.5380. Break below that area could lead us into no trading zone in nearest term testing 1.5280/50 support area.

USD/JPY Daily Forecast

The USDJPY had a significant bullish pullback on Friday, break above the minor bearish channel indicating potential further upside pullback in nearest term testing 88.23. Consistent move above that area could trigger further upside recovery testing 89.10. On the downside, immediate support at 87.00. Break below that area could trigger further bearish pressure testing 85.86 area. Overall we are still in major bearish scenario.

USD/CHF Daily Forecast

The USDCHF had a bullish momentum on Friday, topped at 1.0562 and closed at 1.0534. The bearish pressure seems to losing some momentum as price is ready to test the major bearish channel. Violation to the bearish channel could be a serious treat to the major bearish outlook. Immediate resistance at 1.0650/70. Break above that area could trigger further upside pressure testing 1.0750. Initial support at 1.0399. Break below that area should keep the major bearish scenario intact testing 1.0320 and 1.0220 region.

EUR/USD Weekly Summary

Saturday, July 24, 2010

The EURUSD was indecisive this week, formed a Doji on weekly chart. We are still in an upside correction phase and price consolidating lower, making a new minor bearish channel after unable to move consistently above 1.3000 psychological level. We need a consistent move above that area to continue the bullish scenario testing 1.3120 (38.2 Fibo retracement of 1.5140 - 1.1876). Break above that area could trigger further upside momentum testing 1.3341 (April 30 high). Immediate support at 1.2735 area. Break below that area could trigger further bearish pressure testing 1.2530 but as long as price is moving inside the bullish channel the upside scenario should remain intact.

EUR/USD Daily Forecast

Thursday, July 22, 2010

The EURUSD had a significant bearish momentum, slipped below the minor trendline support, indicating potential bearish view in nearest term testing 1.2670 - 1.2600 region. However note that overall we are still in upside correction phase and only a movement below the major bullish channel and 1.2465 support area could be considered as potential bullish failure. I will keep stand aside for now. Immediate resistance at 1.2800. Consistent move above that area could trigger further upside pressure testing 1.2880 - 1.2900 area.

Daily Forecast for Crosses

EURJPY Daily Forecast

The EURJPY had a significant bearish momentum, slipped below the bullish channel and 110.85 support area indicating potential bearish view not only targeting 119.15 in nearest term but potentially resume the major bearish scenario as upside correction may over now. Another movement above 110.85 could lead us into neutral zone as direction is unclear testing 111.50 area.

GBPJPY Daily Forecast

The GBPJPY had a significant bearish momentum yesterday, bottomed at 131.57 and closed at 131.96 and traded around 131.58 at the time I wrote this comment. The bias is bearish in nearest term testing 131.25 and 130.50 region but unless we have a break from the range area I will keep out from the market. Immediate resistance at 132.20/30. Consistent move above that area could trigger further upside pressure testing 133.00/10.

AUDUSD Forecast

The AUDUSD failed to break above 0.8858 yesterday. The bias is neutral in nearest term. The major scenario remains to the upside but again, we need a clear break above 0.8858 area to continue the bullish scenario testing 0.8980 - 0.9000. Below 0.8858, we still have potential volatility and downside consolidation inside the circled area. Immediate support at 0.8660/80 region.

GBP/USD Daily Forecast

The GBPUSD had a significant bearish momentum yesterday, bottomed at 1.5123 but fail to stay consistently above 1.5150 so far. The lower line of the bullish channel did a good job preventing further bearish attack which keep the bullish outlook intact but clearly the upside scenario is under serious attack now. Violation to the bullish channel could be seen as bullish failure testing 1.5050 - 1.5000 support area. Immediate resistance at 1.5215 region. Consistent move above that area could trigger further upside pressure testing 1.5350 .

USD/JPY Daily Forecast

The USDJPY failed to continue its bullish correction yesterday and now back below 87.00. The bias is bearish in nearest term testing 85.86 before targeting 84.82 area in long term. On the upside, another movement above 87.00 could lead us into no trading zone in nearest term as direction is unclear testing 87.50 - 88.23 resistance area but overall the major scenario remains to the downside.

USD/CHF Daily Forecast

The USDCHF didn't make significant movement yesterday. The bias remains neutral but still within a major bearish scenario. Nearest support to be tested at 1.0399. Break below that area could trigger further bearish momentum targeting 1.0320 before testing 1.0220 region. On the upside, immediate resistance at 1.0600 region. Break above that area and violation to the major bearish channel could be a serious threat to the bearish outlook testing 1.0750 area.

EUR/USD Daily Forecast

Wednesday, July 21, 2010

The EURUSD was volatile but showed unclear direction yesterday. On h1 chart below we can see price is forming a broadening formation where price makes new highs and lows without clear direction. The upside scenario remains intact but the appearance of the broadening formation activates my wait and see mode. Note that price also reject to move consistently above 1.3000 since Friday, which may indicate potential bullish exhaustion. Immediate resistance at 1.2920 area. Consistent move above that area could trigger further upside pressure towards 1.3000 region again before testing 1.3120. Initial support at 1.2750.

Daily Forecast for Crosses

EURJPY Daily Forecast

The EURJPY still trapped in range area of 113.50 - 110.85 in a volatile but unclear movement. I think I will keep stand aside for now and need a break on either side to see clearer direction. Break above 113.50 could trigger further bullish pressure testing 115.50 area while break below 110.85 could end the bullish correction at least testing 109.00 region. Aggressive traders may short around 113.50 or long around 110.85 with tight stop loss.

GBPJPY Daily Forecast

The GBPJPY had a bullish momentum yesterday, topped at 133.74 and closed at 133.52. The bias is bullish in nearest term testing 134.50 area. However, we have a broadening formation inside the range area (0f 136.30 - 130.50) which is actually confirm unclear direction and should keep us out from the market for now.

AUDUSD Forecast

The AUDUSD had a bullish momentum yesterday and now seems ready to test 0.8858 key resistance area. Consistent move above that area confirms the bullish continuation scenario at least testing 0.8980 - 0.9000 area. Immediate support at 0.8790. Break below that area could lead us into neutral zone in nearest term testing 0.8730 but the main scenario remains to the upside.

GBP/USD Daily Forecast

The GBPUSD attempted to push lower yesterday, bottomed at 1.5153 but closed higher at 1.5260. This fact keeps the bullish outlook intact testing 1.5350 in nearest term but need a clear break above 1.5470 to confirm bullish continuation scenario in longer term. On the downside, the lower line of the bullish channel and 1.5150 area is the key support area. A break below that area could be a serious threat to the bullish outlook.

USD/CHF Daily Forecast

The USDCHF attempted to push lower yesterday, bottomed at 1.0452 but closed higher at 1.0524. On h1 chart below we can see price is moving inside a new minor bullish channel indicating upside correction phase but the major bearish scenario remains intact as long as price move inside the major bearish channel. Immediate resistance at 1.0630. Consistent move above that area and violation to the major bearish channel could be a serious threat to the bearish scenario testing 1.0750. On the downside we need a break below 1.0399 to continue the bearish scenario testing 1.0220.

EUR/USD Daily Forecast

Tuesday, July 20, 2010

The EURUSD didn't make significant movement yesterday. The bullish momentum so far unable to make a break above 1.3000 resistance area but the bullish phase remains intact. The bias remains neutral in nearest term. As you can see on my h4 chart below we have a flag formation indicating potential bullish scenario especially if price break above the flag and 1.3000 area targeting 1.3120. Immediate support at 1.2900. Consistent move below that area could trigger further bearish pressure testing 1.2750 region.

Daily Forecast for Crosses

EURJPY Daily Forecast

The EURJPY was volatile but indecisive yesterday. I have made adjustment to my bullish channel following newest development. Price seems to be trapped in range area of 113.50 - 110.85 and need a break on either side to see clearer direction but the bullish correction scenario remains intact. Break above 113.50 could trigger further bullish pressure testing 115.50 area while break below 110.85 could end the bullish correction at least testing 109.00 region. I think I will stand aside from this pair from now and see further development.

GBPJPY Daily Forecast

The GBPJPY was volatile but indecisive yesterday and still trapped in the range area 136.30 - 130.50. This volatile yet unclear movement is something that should watch, but not trade. I will keep stay away from this pair. Aggressive traders may long around 130.50 or short around 136.30 with tight stop loss.

AUDUSD Forecast

The AUDUSD was indecisive yesterday but had a bullish momentum earlier today in Asian session, hit 0.8775. The bias is bullish in nearest term testing 0.8858 but we need a consistent move above the ascending triangle and 0.8858 to continue the major bullish outlook. Note that as long as price stay below 0.8858 we still have potential downside consolidation inside the circled area. Immediate support at 0.8665 (current low).

GBP/USD Daily Forecast

The GBPUSD continued its bearish pressure yesterday, bottomed at 1.5202 and closed at 1.5227 after failed to move above 1.5470 but the bullish scenario remains intact as long as price move inside the bullish channel. On daily chart below we can see that price seems ready to test the lower line of the bullish channel and 1.5150 key support area. Break below that area could be a serious threat to the bullish outlook testing 1.5050 - 1.5000. On the upside, we need a consistent move above 1.5350 to continue the bullish scenario.

USD/JPY Daily Forecast

The USDJPY slipped above 87.00 yesterday but closed lower at 86.69 and now struggling around 87.00. The bias remains neutral in nearest term but the main scenario remains bearish. Immediate resistance at 87.20 (yesterday's high). Consistent move above that area could trigger further upside pressure testing 88.00. On the downside, 85.86 area remains potential nearest bearish target before testing 84.82.

USD/CHF Daily Forecast

The USDCHF continued its bullish correction yesterday. Price seems ready to the bearish channel but as long as the channel hold the main scenario remains to the downside. Immediate resistance at 1.0675. Break above that area could be a serious threat to the bearish outlook. Initial support at 1.0480. Break below that area could trigger further downside pressure re-testing 1.0400.

EUR/USD Daily Forecast

Monday, July 19, 2010

The EURUSD attempted to push higher on Friday but found good resistance around 1.3000 psychological/key level, closed lower at 1.2926 and hit 1.2882 earlier today in Asian session. The bias is neutral in nearest term but overall we are still in upside correction phase. Immediate resistance at 1.2950 area. Consistent move above that area could trigger further upside momentum re-testing 1.3000 before testing 1.3120 region. On the downside, initial support at 1.2840. Break below that area could trigger further bearish pressure testing 1.2750.

Daily Forecast for Crosses

EURJPY Daily Forecast

The EURJPY had a significant bearish momentum on Friday, slipped below the bullish channel as you can see on my h4 chart below indicating potential bullish failure testing 110.85 in nearest term. On the upside, another movement inside the bullish channel and consistent move above 112.30 resistance area could produce a false breakdown scenario which could potentially trigger another upside momentum testing 113.50 area.


GBPJPY Daily Forecast

The GBPJPY also had a significant bearish momentum on Friday, break below the minor bullish channel indicating potential downside pressure testing 131.25 and 130.50. However note that overall price still trapped in range area of 136.30 - 130.50 so I will keep stay out for now. Immediate resistance at 133.05 area. Consistent move above that area could trigger further upside pressure testing 134.00/20 region.


AUDUSD Forecast

The AUDUSD had a bearish momentum on Friday, bottomed at 0.8681 and closed at 0.8695 and hit 0.8631 earlier today in Asian session. I think this is a normal downside correction as long as price still move inside the ascending triangle which indicating major bullish scenario. We may have further downside consolidation inside circled area but only violation to the downside of the ascending triangle could cancel the bullish scenario after made a triple bottom formation around 0.8070 area. Immediate resistance at 0.8710/20 region. Break above that area could trigger further upside pressure testing 0.8780 before re-testing 0.8858.

GBP/USD Daily Forecast

The GBPUSD failed to continued its bullish momentum on Friday, bottomed at 1.5278 and closed at 1.5298. The bias is neutral in nearest term but overall we are still in bullish phase. On h1 chart below we can see that price found a good support at 38.2% Fibo retracement of 1.4964 - 1.5470 around 1.5280 area. Break below that area could trigger further bearish pressure testing 1.5150 region and could be a serious threat to the bullish outlook. Immediate resistance at 1.5340. Consistent move above that area could trigger further upside momentum re-testing 1.5470 and keep the bullish scenario remains strong.

USD/JPY Daily Forecast

The USDJPY continued its bearish momentum on Friday, bottomed at 86.25 but closed higher at 86.66. The bias is neutral in nearest term but still within a major bearish scenario. Immediate resistance at 87.00. Break above that area could lead us into neutral zone in nearest term testing 87.50 - 88.00 area. On the downside, 85.86 area remains potential nearest bearish target before testing 84.82.

USD/CHF Daily Forecast

The USDCHF failed to continue its bearish momentum on Friday, topped at 1.0541 and closed at 1.0515. This fact activates my wait and see mode for now but overall we are still in major bearish scenario. Immediate support at 1.0450. Break below that area could trigger further bearish pressure testing 1.0400 and 1.0320. On the upside, another movement above 1.0500 could trigger further upside pressure testing 1.0600 region.

EUR/USD Weekly Summary

The EURUSD continued its bullish momentum this week, topped at 1.3006 but closed lower at 1.2926. We are still in strong bullish phase and should pay attention to 1.3000 key resistance area. Consistent move above that psychological level could trigger further bullish momentum testing the trendline resistance (red) and 1.3120 area (38.2 Fibo retracement of 1.5140 - 1.1876) before testing 1.3354 (May open/high). Immediate support at 1.2750 (23.6% Fibo retracement of 1.1876 - 1.3006). Break below that area could trigger further bearish pressure testing 1.2520 - 1.2465 support area.

EUR/USD Daily Forecast

Thursday, July 15, 2010

The EURUSD didn't make significant movement yesterday. The bias is neutral in nearest term but we are still in upside correction scenario testing 1.2850 - 1.2900 area. Immediate support at 1.2650. Break below that area could trigger further bearish pressure testing the minor trendline support (red) and 1.2550 area but as long as price move inside the bullish channel we are still in upside correction phase.


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Daily Forecast for Crosses

EURJPY Daily Forecast

The EURJPY was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but we are still in upside correction phase as long as price move inside the bullish channel with 113.50 remains the nearest target before testing 115.50 area. Immediate support at 111.50 and the lower line of the bullish channel. Break below that area could be a serious threat to the upside scenario.

GBPJPY Daily Forecast

The GBPJPY attempted to push higher yesterday, topped at 135.79 but closed lower at 134.90. The bias remains neutral medium term but potentially remains to the upside in nearest term as price is now moving inside a minor bullish channel as you can see on h4 chart below testing 136.30 key resistance area. Immediate support at 134.10 followed by 133.15 area. Break below 133.15 could trigger further bearish pressure testing 130.50 region.

AUDUSD Forecast

The AUDUSD slipped above 0.8858 yesterday but still unable to move consistently above that area. The bias remains bullish in nearest term but we need a consistent move above 0.8858 to continue the bullish scenario testing 0.8970 and 0.9025 area. Immediate support at 0.8700 - 0.8660 area.

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GBP/USD Daily Forecast

The GBPUSD continued its bullish momentum yesterday, topped at 1.5295 and closed at 1.5264. The bias remains bullish in nearest term testing 1.5400 region. However CCI about to cross the 100 line down on h4 chart so watch out for potential downside pullback testing 1.5200 - 1.5150 support area. Overall we are still in strong upside correction phase after the failure to consistently move below 1.5000 support area and only a movement back below 1.5000 could diminish the upside scenario.

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USD/JPY Daily Forecast

The USDJPY attempted to push lower yesterday, but still unable to break below 88.00 area. The bias remains neutral in nearest term. The major trend remains bearish but need a consistent move below 88.00 to continue the bearish pressure at least testing 87.00. On the upside, we need a clear break above 89.15/50 area to continue bullish correction testing 90.50.

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USD/CHF Daily Forecast

The USDCHF attempted to push higher yesterday, topped at 1.0617 but whipsawed to the downside and closed lower at 1.0524. This fact could trigger further bearish pressure testing 1.0500 - 1.0480 support area today. Break below that area could resume the major bearish scenario targeting 1.0400 and 1.0220 region. Immediate resistance at 1.0550 followed by 1.0617.

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USD/CHF Daily Forecast

Wednesday, July 14, 2010

The USDCHF had a moderate bearish momentum yesterday, bottomed at 1.0512 and closed at 1.0545. The bias is neutral in nearest term. The main scenario remains to the downside but as long as price stay above 1.0500 - 1.0480 area the upside correction scenario remains intact. Immediate resistance at 1.0585. Consistent move above that area could trigger further bullish pressure towards 1.0650 before testing 1.0750. On the downside, break below 1.0480 could end the upside correction targeting 1.0400 and 1.0220 region.

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USD/JPY Daily Forecast

The USDJPY slipped below 88.23 yesterday, but whipsawed to the upside and closed higher at 88.71. This fact should keep the bullish correction scenario intact with nearest target remains at 89.50 and 90.50 but note that the major trend remains bearish. On the downside, we need a consistent move below 88.23/00 region to cancel this bullish scenario targeting 87.00.

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GBP/USD Daily Forecast

The GBPUSD had a significant bullish momentum yesterday after good UK CPI and bad US trade balance data, topped at 1.5191 and keep moving higher around 1.5210 at the time I wrote this comment. The bias is bullish in nearest term especially if price able to move consistently above 1.5238 targeting 1.5400 - 1.5500 region. Immediate support at 1.5100 - 1.5080. Break below that area would lead us into neutral zone as direction is unclear testing 1.5000 - 1.4950 support area.

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Daily Forecast for Crosses

EURJPY Daily Forecast

The EURJPY attempted to push lower yesterday, slipped below the bullish channel and 110.85 support area but whipsawed to the upside, break above the minor bearish channel, topped at 112.92 and closed at 112.87. The bias is bullish in nearest term targeting 113.50 and 114.40 area. Immediate support at 112.20. Break below that area could lead us into no trading zone but overall we are still in upside correction phase as long as price move inside the bullish channel.

GBPJPY Daily Forecast

The GBPJPY was bullish yesterday after break above 134.00 and keep moving higher around 135.10 at the time I wrote this comment earlier today in Asian session. The bias is bullish in nearest term testing 136.30 region but overall price still trapped in range area. Immediate support at 134.00. Break below that area could lead us into neutral zone both in nearest and medium outlook.

AUDUSD Forecast

The AUDUSD attempted to push lower yesterday, bottomed at 0.8682 but whipsawed to the upside, closed at 0.8829. The bias is bullish in nearest term testing 0.8858 resistance area. We need a consistent move above that area to continue the bullish scenario testing 0.8970 - 0.9025 area. Immediate support at 0.8790/60. Break below that area could lead us into neutral zone in nearest term but the main scenario remains to the upside.

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EUR/USD Daily Forecast

The EURUSD had a significant bullish momentum yesterday after bad US trade balance number, topped at 1.2737 and closed at 1.2722. The rising wedge formation has failed indicating potential technical bullishness targeting 1.2850 - 1.2900 area. Immediate support at 1.2650 (former resistance). Break below that area would lead us into neutral zone. Although technical study is bullish, I think this bullish run is tricky and fragile from fundamental point of view since yesterday we had bad Euro zone ZEW economic sentiment number, keep the Euro zone in negative territory.

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