EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.3703 but closed lower at 1.3632. The bias is neutral both in nearest and medium term as price still consolidating. The bullish correction scenario after rejection from 1.3450/30 (triple bottom) remains intact as price still move inside the minor bullish channel with 1.3750 1.3850 as corrective target but still in a major bearish scenario. Immediate support at 1.3580 area. Break below that area could trigger further bearish momentum re-testing 1.3450/35 area but only clear break below 1.3450/35 area can be seen as bearish continuation confirmation targeting 1.3100 area.
GBPUSD Forecast:
The GBPUSD failed to continue its bullish momentum yesterday, bottomed at 1.5030 and closed at 1.5064. The bias is neutral in both nearest and medium term but remains bearish in long term view. The fact that price so far still able to move above 1.5000 1.4950 support area indicating the bullish correction scenario after bottomed at 1.4779 on March 01 remains intact with technical target around 1.5250 area. Clear break below 1.5000 1.4950 area could trigger further bearish momentum re-testing 1.4779 and might put the bullish corrective phase to its end.
USDJPY Forecast:
The USDJPY failed to maintain its bullish momentum yesterday, bottomed at 90.13 and closed at 90.29. The bias is neutral in nearest term, but the failure to stay above 90.50 area could produce a false breakout scenario which could trigger bearish momentum testing 89.50 area. The bullish correction scenario remains intact but we need a consistent move above 90.50 area to continue bullish momentum targeting 91.50 region.
USDCHF Forecast
The USDCHF was indecisive yesterday, leave us in range area of 1.0888 1.0640 area. We have no significant technical movement so far and price still consolidating but still in the context of bullish major scenario. I think the best strategy remains to short around 1.0888 or long around 1.0640 with tight stop loss. Break above 1.0888 1.0900 area should continue the bullish scenario targeting 1.1000 while a break below 1.0640 should trigger further bearish correction towards 1.0507 area.
Have a great day!
The EURUSD attempted to push higher yesterday, topped at 1.3703 but closed lower at 1.3632. The bias is neutral both in nearest and medium term as price still consolidating. The bullish correction scenario after rejection from 1.3450/30 (triple bottom) remains intact as price still move inside the minor bullish channel with 1.3750 1.3850 as corrective target but still in a major bearish scenario. Immediate support at 1.3580 area. Break below that area could trigger further bearish momentum re-testing 1.3450/35 area but only clear break below 1.3450/35 area can be seen as bearish continuation confirmation targeting 1.3100 area.
GBPUSD Forecast:
The GBPUSD failed to continue its bullish momentum yesterday, bottomed at 1.5030 and closed at 1.5064. The bias is neutral in both nearest and medium term but remains bearish in long term view. The fact that price so far still able to move above 1.5000 1.4950 support area indicating the bullish correction scenario after bottomed at 1.4779 on March 01 remains intact with technical target around 1.5250 area. Clear break below 1.5000 1.4950 area could trigger further bearish momentum re-testing 1.4779 and might put the bullish corrective phase to its end.
USDJPY Forecast:
The USDJPY failed to maintain its bullish momentum yesterday, bottomed at 90.13 and closed at 90.29. The bias is neutral in nearest term, but the failure to stay above 90.50 area could produce a false breakout scenario which could trigger bearish momentum testing 89.50 area. The bullish correction scenario remains intact but we need a consistent move above 90.50 area to continue bullish momentum targeting 91.50 region.
USDCHF Forecast
The USDCHF was indecisive yesterday, leave us in range area of 1.0888 1.0640 area. We have no significant technical movement so far and price still consolidating but still in the context of bullish major scenario. I think the best strategy remains to short around 1.0888 or long around 1.0640 with tight stop loss. Break above 1.0888 1.0900 area should continue the bullish scenario targeting 1.1000 while a break below 1.0640 should trigger further bearish correction towards 1.0507 area.
Have a great day!
EURUSD Forecast:
The EURUSD attempted to push lower on Friday, bottomed at 1.3530 but whipsawed to the upside and closed higher at 1.3619 and keep moving higher around 1.3650 at the time I wrote this comment. Overall the pair is still in consolidation and bullish correction phase with technical corrective target around 1.3750 1.3850 area but still within the major bearish scenario as price still move inside the major bearish channel. Immediate support at 1.3600 followed by 1.3530. Break below 1.3530 area should trigger further bearish momentum re-testing key support 1.3450/35 (triple bottom).
GBPUSD Forecast:
The GBPUSD had a bullish momentum on Friday. As you can see on my daily chart below price bounce back to the upside after touched the major trendline support, indicating potential upside correction scenario but the main trend should remain bearish. The bias is neutral in nearest term. Immediate support at 1.5100. Break below that area should trigger further bearish momentum testing 1.5000. Initial resistance at 1.5250. Break above that area should trigger further upside momentum testing 1.5380 area.
USDJPY Forecast:
The USDJPY had a significant bullish momentum on Friday, topped at 90.58 and closed at 90.34. This fact should trigger further bullish correction scenario targeting 91.50 and the major trendline resistance area but we need a consistent move above 90.50 area to continue the bullish correction scenario. However note that the major trend should remain bearish as long as price move below the major trendline resistance. Immediate support at 90.00 followed by 89.50.
USDCHF Forecast
As you can see on my h4 chart below, the USDCHF still trapped in range area of 1.0888 1.0640 area indicating consolidation but still in the context of major bullish scenario. The bias is neutral in nearest term and I think the best strategy is to short around 1.0888 or long around 1.0640 with tight stop loss. Break above 1.0888 1.0900 area should continue the bullish scenario targeting 1.1000 while a break below 1.0640 should trigger further bearish correction towards 1.0507 area.
Have a great day!
The EURUSD attempted to push lower on Friday, bottomed at 1.3530 but whipsawed to the upside and closed higher at 1.3619 and keep moving higher around 1.3650 at the time I wrote this comment. Overall the pair is still in consolidation and bullish correction phase with technical corrective target around 1.3750 1.3850 area but still within the major bearish scenario as price still move inside the major bearish channel. Immediate support at 1.3600 followed by 1.3530. Break below 1.3530 area should trigger further bearish momentum re-testing key support 1.3450/35 (triple bottom).
GBPUSD Forecast:
The GBPUSD had a bullish momentum on Friday. As you can see on my daily chart below price bounce back to the upside after touched the major trendline support, indicating potential upside correction scenario but the main trend should remain bearish. The bias is neutral in nearest term. Immediate support at 1.5100. Break below that area should trigger further bearish momentum testing 1.5000. Initial resistance at 1.5250. Break above that area should trigger further upside momentum testing 1.5380 area.
USDJPY Forecast:
The USDJPY had a significant bullish momentum on Friday, topped at 90.58 and closed at 90.34. This fact should trigger further bullish correction scenario targeting 91.50 and the major trendline resistance area but we need a consistent move above 90.50 area to continue the bullish correction scenario. However note that the major trend should remain bearish as long as price move below the major trendline resistance. Immediate support at 90.00 followed by 89.50.
USDCHF Forecast
As you can see on my h4 chart below, the USDCHF still trapped in range area of 1.0888 1.0640 area indicating consolidation but still in the context of major bullish scenario. The bias is neutral in nearest term and I think the best strategy is to short around 1.0888 or long around 1.0640 with tight stop loss. Break above 1.0888 1.0900 area should continue the bullish scenario targeting 1.1000 while a break below 1.0640 should trigger further bearish correction towards 1.0507 area.
Have a great day!
Filed under Latest FX Articles · Tagged with consistent move, correction phase, initial resistance, price move, target
USDCHFs fall from 1.0887 extends to as low as 1.0648. Deeper decline is expected later today and target is to test 1.0608 key support, a breakdown below this level could indicate that the uptrend from 1.0132 has completed at 1.0898 already. However, as long as 1.0608 support holds, the price action from 1.0898 is treated as consolidation of uptrend, another rise is still possible to 1.1000 area.
Daily Forex Analysis
Daily Forex Analysis
Recent price action for the EUR/USD makes it a scalping target in its own right and the upcoming ECB decision will only add to its attractiveness. The looming event risk typically leads to a period of consolidation as traders error to the side of caution as the policy meeting has the potential to initiate a new trend. Solid technical support and the current range has the pair offering profit potential in its current environment for those with a bit more risk tolerance, as we have seen sharp intra-day moves.
EURUSD Forecast:
The EURUSD attempted to push lower after a false breakout above the minor bearish channel, bottomed at 1.3461 but closed higher at 1.3558. The bias is neutral in nearest term but I still prefer a bearish scenario. We seem to have a good support around 1.3450 area at this phase and need a clear break below that area to continue the bearish scenario targeting 1.3100 this week. A failure to break below that support area and break above 1.3690 area should trigger further bullish correction targeting 1.3750 1.3850 area as the bearish momentum may have exhausted. Immediate resistance at 1.3600. Break above that area could trigger further upside pressure re-testing 1.3690 area.
GBPUSD Forecast:
The GBPUSD had a significant bearish momentum yesterday, fell below 1.5000 psychological level, bottomed at 1.4779 but closed higher at 1.4925. The bias is bearish in nearest term re-testing 1.4779 area. Another movement above 1.5000 area should lead us into no trading zone testing 1.5200/50 area but overall I think the pressure should remain to the downside. Break below 1.4779 should open the way for further bearish scenario targeting 1.4500 area.
USDJPY Forecast:
The USDJPY made another indecisive movement yesterday. The bias remains neutral in nearest term and I am expecting a range area between 89.50 88.50 but still within a bearish scenario. Break above 89.50 could trigger further upside correction testing 90.50 area. On the other hand, break below 88.50 could trigger further bearish continuation towards 87.35 area.
USDCHF Forecast
The USDCHF failed to continue its bearish momentum yesterday. On h4 chart below we can see that price is struggling around the minor trendline support area. The bias remains neutral in nearest term but the main scenario remains to the upside with technical target at 1.1000 this week. On the downside, immediate support is seen at 1.0640 and 1.0507 area. Initial resistance at 1.0900 area. Break above that area should trigger further bullish scenario towards 1.1000 and could be the end of the bearish correction phase.
Have a great day!
The EURUSD attempted to push lower after a false breakout above the minor bearish channel, bottomed at 1.3461 but closed higher at 1.3558. The bias is neutral in nearest term but I still prefer a bearish scenario. We seem to have a good support around 1.3450 area at this phase and need a clear break below that area to continue the bearish scenario targeting 1.3100 this week. A failure to break below that support area and break above 1.3690 area should trigger further bullish correction targeting 1.3750 1.3850 area as the bearish momentum may have exhausted. Immediate resistance at 1.3600. Break above that area could trigger further upside pressure re-testing 1.3690 area.
GBPUSD Forecast:
The GBPUSD had a significant bearish momentum yesterday, fell below 1.5000 psychological level, bottomed at 1.4779 but closed higher at 1.4925. The bias is bearish in nearest term re-testing 1.4779 area. Another movement above 1.5000 area should lead us into no trading zone testing 1.5200/50 area but overall I think the pressure should remain to the downside. Break below 1.4779 should open the way for further bearish scenario targeting 1.4500 area.
USDJPY Forecast:
The USDJPY made another indecisive movement yesterday. The bias remains neutral in nearest term and I am expecting a range area between 89.50 88.50 but still within a bearish scenario. Break above 89.50 could trigger further upside correction testing 90.50 area. On the other hand, break below 88.50 could trigger further bearish continuation towards 87.35 area.
USDCHF Forecast
The USDCHF failed to continue its bearish momentum yesterday. On h4 chart below we can see that price is struggling around the minor trendline support area. The bias remains neutral in nearest term but the main scenario remains to the upside with technical target at 1.1000 this week. On the downside, immediate support is seen at 1.0640 and 1.0507 area. Initial resistance at 1.0900 area. Break above that area should trigger further bullish scenario towards 1.1000 and could be the end of the bearish correction phase.
Have a great day!
Filed under Latest FX Articles · Tagged with false breakout, initial resistance, psychological level, target, trading zone
