EURUSD Daily Forecast
The EURUSD continued it’s bullish momentum on Friday. On h4 chart below we can see that price attempted to move back below the trendline but the trendline hold so far. This fact should trigger further upside pressure in nearest term re-testing key resistance level 1.4176. However as long as the pair stay below that area, the medium term remains unclear and for me doing nothing and wait for further development is still the best thing to do. Boring, but market will reward patient traders. Immediate support is seen at 1.4000 followed by 1.3850. CCI in neutral area both on h4 and daily chart.
GBPUSD Daily Forecast
The GBPUSD had a bullish momentum on Friday. The pair topped at 1.6557 and closed at 1.6523. The bias is bullish in nearest term and we might see further upside pressure re-testing 1.6660 area. However, as you can see in h4 chart below, actually the pair still trapped in ranging area without a clear direction in medium term. So I think It’s still not the best time to trade. Immediate support is seen at 1.6430 followed by 1.6350. CCI just cross the 100 line down on h4 chart suggesting potential downside pressure.
USDJPY Daily Forecast
The USDJPY had a bearish momentum on Friday. On daily chart below we can see that the pair is now struggling around trendline support area. I prefer a downside scenario since the major long term trend remains bearish. The bias is bearish in nearest term targeting 94.50 area. Immediate resistance is seen at 95.80. break above that area should lead us into no trading zone.
USDCHF Daily Forecast
The USDCHF had another bearish momentum on Friday. It seems like the market doesn’t agree with SNB decision that the Swiss Franc should be weakened. The bias is bearish in nearest term targeting 1.0750. Immediate resistance at 1.0880. Break below that area should lead us into no trading zone.
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06-28-09, 10:20 PM
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