Forex and Trading News

USDCHF Forecast
The USDCHF continued its bullish momentum last week and now struggling around 0.9320 area. The bias is bullish in nearest term especially if price able to make a clear break and daily close above 0.9320 testing 0.9400 or higher. Immediate support is seen around 0.9250. A clear break back below that area could lead price to neutral zone in nearest term testing 0.9200 and keep price inside the range area a little bit longer.

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Good day forex traders.

In the previous weekly EUR/USD forecast, we noted a possible bearish target of 1.3. Sentiments were  mainly apprehensive as the poor figures from the US Non-Farm Payroll together with the uncertainty of the polls of France and Greece brought about a negative outlook.

Technical Analysis

The week was basically a bearish week. The forex gap almost closed but the bulls gave up.

Dear readers, this serves as a reminder to us that forex gap do not always close within the week as many have wrongly believed.

SMA 20 = Bearish

SMA 50 = Turning Bearish

With the SMA 50 almost bearish, we may be looking at a sustained bearish momentum soon. The bearish target of 1.28 remains and any bullish correction need to tackle the 1.3 resistance first.

Don’t miss the fundamental analysis,

continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

EURUSD Forecast
The EURUSD was corrected higher yesterday, filled the weekend gap, topped at 1.3064 and closed at 1.3058. The bullish momentum should be seen just as a corrective movement and overall I remain bearish. Immediate resistance is seen around 1.3064/80. A clear break above that area could trigger further bullish correction testing 1.3135/50 resistance area. On the downside, a clear break and daily close below 1.3000 would keep the bearish scenario remains strong testing 1.2880 support area.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

EURJPY Forecast
The EURJPY was corrected higher yesterday, filled the weekend gap and topped at 104.43. The bias is bullish in nearest term but as long as stays below 105.60 I still prefer to sell on rallies at this phase. Immediate support is seen around 103.85. A clear break below that area could trigger further bearish pressure testing 103.50 – 103.00 area. On the upside, a clear break above 104.44 could continue the bullish correction phase testing 105.00 – 105.60.

GBPJPY  Forecast
The GBPJPY failed to continue its bearish momentum yesterday, topped at 129.46. The bias is bullish in nearest term testing 130.00. However note that medium term outlook is unclear. Price is still making lower highs since fell from 133.47 suggests the bearish phase remains intact but with potential consolidation phase. Immediate support is seen around 129.00. A clear break back below that could lead price to neutral zone in nearest term retesting 128.37. On the upside, a clear break and daily close above 130.00 could trigger further bullish pressure testing 130.75 – 131.00 area.

AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday, filled the weekend gap and slipped above 1.0200. The bias is bullish in nearest term testing 1.0277 but overall I remain bearish and still prefer to sell on rallies. Immediate support is seen around 1.0166 (current low). A clear break below that area could lead price to neutral zone in nearest term testing 1.0100 or lower.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

GBPUSD  Forecast
The GBPUSD had a bullish momentum yesterday, topped at 1.6197 and closed at 1.6188. The bias is bullish in nearest term but note that as long as stays below 1.6250, price is still in a bearish correction phase testing 1.6100 – 1.6000 support area. Immediate support is seen around 1.6150. A clear break below that area could lead price to neutral zone in nearest term but would keep the bearish correction phase remains strong. On the upside, a clear break above 1.6200 could trigger further bullish pressure testing 1.6250.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

USDJPY Forecast
The USDJPY didn’t make significant movement yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term but 80.23 – 79.52 area remains a good place to buy with tight stop loss below 79.52.  On the downside, a clear break and daily close below 79.52/35 could be a threat to the bullish reversal scenario testing 78.27 or lower. Immediate resistance is seen around 80.00. A clear break above that area could lead price to neutral zone in nearest term but only a clear break and daily close back above 81.80 could end the current bearish correction phase and continue the major bullish reversal outlook after hit the record low.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

USDCHF Forecast
The USDCHF failed to continue its bullish momentum yesterday, bottomed at 0.9193. There are no changes in my technical outlook and I remain neutral. Overall price is still in a bullish intraday phase since bounced from 0.9041 but need a clear break above 0.9269 to continue the bullish pressure testing 0.9320 key resistance area. Potential daily range is seen between 0.9150 – 0.9270.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

The program reviews intraday support and resistance levels for four major currency pairs.
Broadcast is available every day starting from 6:00 GMT. The bulletin is created for currency traders who prefer to trade on the basis of technical analysis.
The levels are generated by the Dukascopy proprietary model comparing different approaches.
Support and resistance points are calculated using popular technical analysis methods such as:
Pivots, Highs and Lows, Fibonacci Retracements, Demark, Tirone, Ichimoku, Moving Averages, Price Channels and Bollinger Band indicators. Levels that can be calculated using a high number of different methods are considered strong enough to affect the forex market.

EURUSD Forecast
The EURUSD continued its bearish momentum on Friday closed at 1.3081, slipped below 1.3000 and broke below the descending triangle, hit 1.2960 earlier today. This fact could create further bearish scenario testing 1.2880. Below 1.2880, the next major support (bearish target) is seen at 1.2625 (January’s low). Note that we had a gap earlier today so watch out for a potential bullish pullback testing 1.3080 – 1.3100 resistance area. Overall I remain bearish with sell on rallies strategy.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

EURJPY Forecast
The EURJPY had a bearish momentum on Friday, closed at 104.44. Price opened lower earlier today at 103.45. The bias is bearish in nearest term testing 102.20. However note that we had a gap earlier today so watch out for potential bullish pullback testing 104.44. Overall, as long as stays below 105.60 I remain bearish on this pair with sell on rallies strategy.

GBPJPY  Forecast
The GBPJPY continued its bearish correction last week bottomed at 128.37. The bias is bearish in nearest term testing 127.85 – 127.09. Immediate resistance is seen around 129.05. A clear break above that area could lead price to neutral zone in nearest term testing 129.50 – 130.00.

AUDUSD Forecast
The AUDUSD continued its bearish momentum on Friday, bottomed at 1.0168. Price opened lower earlier today at 1.0119. The bias remains bearish in nearest term testing 1.0043 – 1.0000 but note that we had a gap earlier today so watch out for potential bullish pullback testing 1.0200 – 1.0250 resistance area. Overall I remain bearish on this pair with sell on rallies strategy.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.