Daily Forex Forecasts for the week from 10th April to 14th April 2017

Daily Forex Forecast for April 14, 2017

EURUSD Forecast:

The EURUSD failed to continue its bullish momentum yesterday after being unable to break above the EMA 200 resistance. The price is now retesting the trend line support which remains a good support and place to buy with a tight stop loss as a clear break below the trend line support and 1.0575 area would expose the 1.0500 region as part of the bearish continuation scenario after the false break above 1.0873. The bias is bearish in nearest term. Immediate resistance is seen around 1.0650. A clear break above that area could lead the price to neutral zone in nearest term retesting the EMA 200 and 1.0700 region. Overall I remain neutral.

GBPUSD Forecast:

The GBPUSD failed to continue its bullish momentum yesterday and bottomed at 1.2500. The bias is bearish in nearest term testing the 1.2480 support area which is a good place to buy with a tight stop loss as a clear break below that area would end the bullish phase after bouncing off the 1.2375 key support and testing 1.2450/00 region. Immediate resistance is seen around 1.2520/35. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish phase alive and kicking, retesting the 1.2615 region. Overall I remain neutral.

USDJPY Forecast:

The USDJPY was indecisive yesterday leading to a Doji formation. The bias is neutral in nearest term but overall I remain bearish. Immediate resistance is seen around 109.40. A clear break above that area could trigger further bullish pullback testing 109.85 – 110.10 region which is a good place to sell. On the downside, a clear break and daily/weekly close below 108.72 would expose 107.50 area or lower next week.

USDCHF Forecast:

The USDCHF failed to continue its bearish momentum yesterday after being unable to make a clear break below the 1.0020 key support and peaking at 1.0067. The bias is bullish in nearest term testing 1.0115 – 1.0170 area. On the downside, 1.0020 remains a key support. A clear break below that area would end the bullish phase testing 0.9970 or lower. Overall I remain neutral.

Daily Forex Forecast for April 13, 2017

EURUSD Forecast:

The EURUSD had a bullish momentum yesterday and topped at 1.0675 after bouncing off the trend line support. The bias is bullish in the nearest term, testing the 1.0700 – 1.0750 area. Immediate support is seen around 1.0630. A clear break below that area could lead price to neutral zone in the nearest term, retesting the trend line support and 1.0580 support area. On the upside, a clear break and daily close above 1.0750 would expose 1.0873 key resistance once again. Overall I remain neutral.

GBPUSD Forecast:

The GBPUSD continued its bullish momentum yesterday and topped at 1.2547 and hit 1.2555 earlier today in Asian session. The bias remains bullish in nearest term, retesting the 1.2615 region as a part of the bullish phase after rejection below the 1.2375 key support. Immediate support is seen around 1.2520. A clear break below that area could lead price to neutral zone in nearest term testing the 1.2480 area. Overall I remain neutral.

USDJPY Forecast:

The USDJPY continued its bearish momentum yesterday and bottomed at 108.95 and hit 108.74 earlier today in Asian session. The bias remains bearish in nearest term testing 108.50 – 107.80 region as a part of the bearish continuation scenario after broke below the range area as you can see on my daily chart below. Immediate resistance is seen around 109.20. A clear break above that area could lead price to neutral zone in nearest term testing 109.85 but overall I remain bearish and any upside pullback should be seen as a good opportunity to sell.

USDCHF Forecast:

The USDCHF had a bearish momentum yesterday and is now struggling around 1.0020 support area which is a good place to buy with a tight stop loss as a clear break back below that area would nullify the bullish phase testing 0.9970 or lower. The bias is bearish in nearest term. Immediate resistance is seen around 1.0060. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish phase valid, testing the 1.0170 region. Overall I remain neutral.

Daily Forex Forecast for April 12, 2017

EURUSD Forecast:

The EURUSD had another indecisive movement yesterday. The bias is neutral in nearest term. Overall price is still in a short-term bearish phase after a false break above 1.0873 two weeks ago, but needs a clear break below the trend line support as you can see on my H4 below to continue the bearish phase testing 1.0500. Immediate support is seen around 1.0575. A clear break below that area could trigger further bearish pressure testing 1.500 region. Immediate resistance is seen around 1.0630. A clear break above that area could trigger further bullish pressure testing 1.0700 area. Overall I remain neutral.

GBPUSD Forecast:

The GBPUSD had a bullish momentum yesterday topped at 1.2494. The bearish scenario after broke below the triangle formation is no longer valid and price is now traded back above the H1 EMA 200 as you can see on my H1 chart below suggests a potential bullish outlook. The bias is bullish in nearest term retesting 1.2615. Immediate support is seen around 1.2450. A clear break back below that area could lead price to neutral zone in nearest term as direction would become unclear. Overall I remain neutral.

USDJPY Forecast:

The USDJPY had a significant bearish momentum yesterday, broke below 110.10 key support and hit 109.34 earlier today in Asian session. The bias is bearish in nearest term testing 108.50 area. Immediate resistance is seen around 110.10. A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear. I am bearish on this pair.

USDCHF Forecast:

The USDCHF had another indecisive movement yesterday. The bias remains neutral in nearest term but price is still in a bullish phase with key support seen at 1.0060 – 1.0020 region targeting 1.0170 area. A clear break back below 1.0020 (H4 EMA 200) would interrupt the bullish phase started from 0.9813. On the upside, a clear break and daily close above 1.0170 would expose 1.0250 or higher. Overall I remain neutral.

Daily Forex Forecast for April 11, 2017

EURUSD Forecast:

The EURUSD was indecisive yesterday. The bias is neutral in nearest term. Overall price is still in a bearish phase since the false break above 1.0873 key resistance two weeks ago but as you can see on my H4 chart below price respecting a trend line support which is a good place to buy with a tight stop loss as a clear break below the trend line support and 1.0570 area would expose 1.0500 region. Immediate resistance is seen around 1.0620. A clear break above that area could trigger further bullish pressure testing 1.0700 region. On the downside, a clear break and daily close below 1.0500 would expose 1.0350 area. Overall I remain neutral.

GBPUSD Forecast:

The GBPUSD failed to continue its bearish momentum yesterday topped at 1.2428. The bias is neutral in nearest term. The bearish outlook after broke below the triangle (see my H1 chart below) remains valid with 1.2450 as key resistance (H1 EMA 200). A clear break above that area would nullify the bearish scenario testing 1.2500 region. Immediate support is seen around 1.2375. A clear break below that area would expose 1.2300 region. Overall I remain neutral.

USDJPY Forecast:

The USDJPY attempted to push higher yesterday topped at 111.57 but closed lower back below 111.30 key resistance and hit 110.62 earlier today in Asian session. The bias is neutral in nearest term probably with a little bearish bias testing 110.10 key support which is a good place to buy with a tight stop loss as a clear break and daily close below that area could trigger further bearish pressure testing 108.50 region. On the upside, 111.30 remains a key resistance. Any sustained movement above that level could trigger further bullish pressure testing 112.00 or higher.

USDCHF Forecast:

The USDCHF was indecisive yesterday. The bias is neutral in nearest term but overall price is still in a bullish phase with 1.0020 – 1.0060 as key support area targeting 1.0170 area. A clear break and daily close above that area would expose 1.0250 or higher. On the downside, a clear break and daily close back below 1.0020 would be a threat to the bullish phase testing 0.9970 region. Overall I remain neutral.

Daily Forex Forecast for April 10, 2017

EURUSD Forecast:

The EURUSD continued its bearish momentum and last week bottomed at 1.0580. The bias is bearish in nearest term testing 1.0500 region but the price is struggling around a trend line support which could be a good support at this phase. Immediate resistance is seen around 1.0605. A clear break above that area could lead the price to neutral zone in nearest term but only a clear break back above 1.0700 would be a threat to the current short-term bearish outlook. On the downside, a clear break and daily close below 1.0500 would expose the 1.0350 region this week. Overall, I remain neutral.

GBPUSD Forecast:

The GBPUSD had a bearish momentum last week and bottomed at 1.2365. Price broke below the triangle formation which suggests a bearish short-term trend. The bias is bearish in nearest term testing 1.2300. Immediate resistance is seen around 1.2420. A clear break above that area could lead price to neutral zone in nearest term testing 1.2470 area. Overall, I remain neutral.

USDJPY Forecast:

The USDJPY had another indecisive movement last week. Price slipped back above 111.30 key level after another rejection below the 110.10 key support, which suggests a potential bullish short-term bias. The bias is bullish in nearest term testing 112.00/20 area. Immediate support is seen around 111.00. A clear break below that area could lead the price to neutral zone in nearest term but key support remains at 110.10 which needs to be broken to the downside to continue the bearish scenario.

USDCHF Forecast:

The USDCHF continued its bullish momentum last week and broke above the 1.0060 resistance. The bias is bullish in nearest term testing 1.0170 region. Immediate support is seen around 1.0060. A clear break below that area could lead price to neutral zone in nearest term but as long as stay above 1.0020 price is still in a bullish phase since bounced off 0.9813 two weeks ago. Overall, I remain neutral.

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