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[FXInstructor]

EURUSD Daily Forecast The EURUSD attempted to push higher yesterday, topped at 1.4149 but further upside momentum was rejected as the pair whipsawed to the downside, hit bottom at 1.4001 and closed at 1.4031. From the medium term point of view, we still have no significant movement so far and still trapped in ranging area of key levels 1.4176 – 1.3750. On the upside, expect strong resistance at 1.4176 area. On the downside, the trendline support (see the chart below) should be an important support at this phase. Immediate support is seen at 1.3950. Break below that area should trigger further weakness for the Euro. CCI in neutral area on daily chart. GBPUSD Daily Forecast The GBPUSD attempted to push higher yesterday, topped at 1.6741 but further bullish scenario was rejected as the pair whipsawed to the downside, bottomed at 1.6422 and closed at 1.6456. On h4 chart below we can see that this was a case of false breakout from the key resistance level 1.6660 and now price seems to be ready to test the trendline support. The bias is bearish in nearest term testing 1.6350 support area but remains neutral in medium term. Immediate resistance is seen at 1.6540. CCI just cross the 100 line down on daily chart suggesting potential downside pressure. USDJPY Daily Forecast The USDJPY attempted to push lower yesterday, bottomed at 95.30 but further downside pressure was rejected as the pair whipsawed to the upside, hit the top at 96.50 and closed at 96.32. On h4 chart below we can see that the pair has been struggling around the trendline area since June 23 and we haven’t seen convincing direction so far. I think we are in no trading zone now, but I still prefer bearish scenario as long as the pair stay below 96.70 key level. Immediate support is seen at 95.30/00 area. USDCHF Daily Forecast The USDCHF had a moderate bullish momentum yesterday. On h4 chart below we have triangle formation indicating consolidation phase. Break from the triangle should give us clearer direction. Immediate resistance is seen at 1.0900. Break above that area should trigger further bullish momentum. Initial support remains at 1.0750 area. CCI in neutral area both on h4 and daily chart. Have a great day!