Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD was indecisive yesterday. Price attempted to push higher, slipped above 1.3267 area, topped at 1.3277 but still unable to consistently move above 1.3267 so far, keep the bearish scenario intact. The bias remains neutral in nearest term. However there might be other attempts to break above that area today. Consistent move above 1.3267 could change the intra-day bias into a bullish bias testing 1.3330 – 1.3400 region. Although remains a major bias, bearish pressure is limited so far and we need a clear break below 1.3200 area to continue further bearish momentum re-testing 1.3100 region.

GBPUSD Forecast:
The GBPUSD had a significant bullish momentum yesterday, topped at 1.5340 and closed at 1.5316. As you can see on my h4 chart below, I have made adjustment to the range area. The lower line is no longer at 1.5200, but 1.5128. Overall in medium term of view, we are still in consolidation phase and need a break above 1.5520 to continue the major bullish scenario. Immediate resistance at 1.5390. Break above that area should trigger further bullish momentum testing 1.5465 region before testing 1.5520. Initial support at 1.5290 followed by 1.5213.

USDJPY Forecast:
The USDJPY was indecisive yesterday, made a Doji on daily chart. The bias remains neutral in nearest term. The major outlook remains bullish. As long as price stay above 93.75, we may continue to have upside pressure testing 94.70 region. Break below 93.75 could trigger further bearish pressure testing 93.00. On the upside we need a clear break above 94.70 to continue the bullish scenario towards 95.50.

USDCHF Forecast
The USDCHF was indecisive yesterday. The bias remains neutral in nearest term but the false breakout scenario still potential as price so far able to stay below 1.0888. Immediate support at 1.0760/50 area. Break below that area could trigger further bearish momentum targeting 1.0700 – 1.0680 region. On the upside, we still need a clear break above 1.0888 to continue the bullish scenario towards 1.1000 region.

EURJPY Forecast
The EURJPY was indecisive yesterday. On daily chart below we can see that price still able to stay inside the bullish channel as the lower line still does a good job preventing further bearish pressure and keep the major bullish scenario intact. The bias remains neutral in nearest term as intra-day bias direction remains unclear. Immediate resistance at 125.35. Break above that area should trigger further bullish momentum testing 126.30 region. Initial support at 123.50. Break below that area could be serious threat to the bullish outlook.

GBPJPY Forecast
The GBPJPY continue its bullish momentum yesterday, topped at 144.34 and closed at 144.02. The bias is bullish in nearest term targeting 145.95 area especially if price able to break above 144.90 area today. Immediate support at 143.10. Break below that area could trigger further bearish momentum testing 142.00 region and diminish the bullish outlook.

AUDUSD Forecast
As you can see on daily chart below, the AUDUSD slipped above the triangle indicating potential bullish scenario. However we need a consistent move above the triangle to confirm the bullish bias. I will pay attention to 0.9345 region today. Break above that area confirms my bullish outlook targeting 0.9381 – 0.9404 region. Immediate support at 0.9268 (current low). Break below that area and a movement back inside the triangle could cancel the bullish scenario in nearest term testing 0.9220 area but overall the main trend remains to the upside.