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.