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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