Daily Forex Forecasts for the week from 17th April to 21st April 2017

Daily Forex Forecast for April 21, 2017

EURUSD Forecast:

The EURUSD attempted to push higher yesterday – it topped at 1.0777 but closed lower at 1.0715 and formed a pin bar formation just below the EMA 200. The bias is bearish in nearest term retesting the trend line support and the 1.0650/25 area which also remains a key support and good place to buy with a tight stop loss. Immediate resistance is seen around 1.0750. A clear break above that area could lead price to neutral zone in nearest term testing 1.0777 and the daily EMA 200 located around 1.0800. Overall I remain neutral.

GBPUSD Forecast:

The GBPUSD had a moderate bullish momentum yesterday – it topped at 1.2847 but closed a little bit lower at 1.2810. The bias is neutral in nearest term. The double bottom bullish scenario should remain valid but we still need a consistent and convincing movement above the daily EMA 200 (1.2780). Immediate support remains around 1.2750. A clear break and daily/weekly close below that area would expose 1.2650 or lower next week. On the upside, a clear break and daily/weekly close above 1.2850 – 1.2900 would give us further confirmation of the double bottom bullish scenario with the nearest target seen around 1.3000 – 1.3050.

USDJPY Forecast:

The USDJPY continued its bullish momentum yesterday and it topped at 109.48. The bias is bullish in nearest term testing 110.10 and the trend line resistance, which is a good place to sell as we know that the current short-term bullish trend is just a corrective movement. Immediate support is seen around 109.20. A clear break below that area could lead price to neutral zone in nearest term testing 108.70 region but only a clear break back below 108.13 would end the current bullish correction phase.

USDCHF Forecast:

The USDCHF attempted to push lower yesterday and it bottomed at 0.9940 but closed higher at 0.9986 and hit 0.9991 earlier today in the Asian session. The bias is neutral in nearest term probably with a little bullish bias testing 1.0020 resistance area which remains a good place to sell with a tight stop loss targeting 0.9880. Immediate support is seen around 0.9940. A clear break and daily/weekly close below that area would expose 0.9880 – 0.9813 next week. Overall I remain neutral.

Daily Forex Forecast for April 20, 2017

EURUSD Forecast:

The EURUSD didn’t have significant movement yesterday. The bias is neutral in nearest term. Price is still in a bullish phase since bouncing off the trend line support. Key indicators suggest a potential bearish pullback retesting the trend line support. Immediate support is seen around 1.0700. A clear break below that area could trigger further bearish pressure testing the 1.0650/25 region. Immediate resistance is seen around 1.0735. A clear break above that area could trigger further bullish pressure testing the 1.0800 region. Overall I remain neutral.

GBPUSD Forecast:

The GBPUSD corrected lower yesterday and is now struggling around the daily EMA 200 (1.2780). The bias is neutral in nearest term. Immediate support is seen around 1.2750. A clear break below that area could trigger further bearish pressure testing 1.2700 or lower. Immediate resistance is seen around 1.2810. A clear break above that area could trigger further bullish pressure testing 1.2860 – 1.2900.

USDJPY Forecast:

The USDJPY had a bullish momentum yesterday and it topped at 109.17 but closed a little bit lower at 108.85. The bias is neutral in nearest term. Overall I remain bearish but need a clear break below 108.13 to continue the bearish scenario testing 107.50 or lower. Immediate resistance is seen around 109.40. A clear break above that area could trigger further bullish pressure testing the 110.10 key resistance which is a good place to sell.

USDCHF Forecast:

The USDCHF didn’t have significant movement yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 0.9880 before retesting 0.9813. Immediate resistance remains around 1.0020. A clear break and daily close back above that area could lead price to neutral zone in nearest term as direction would become unclear. Overall I remain neutral.

Daily Forex Forecast for April 19, 2017

EURUSD Forecast:

The EURUSD had a bullish momentum yesterday – it topped at 1.0736 after bouncing off the trend line support. The bias is bullish in nearest term testing 1.0825 before retesting the 1.0873 key resistance which remains a good place to sell with a tight stop loss. Immediate support is seen around 1.0700. A clear break below that area could lead price to neutral zone in nearest term testing the 1.0650 region. Overall I remain neutral.

GBPUSD Forecast:

The GBPUSD surged higher to 1.2903 yesterday and closed at 1.2841, just above the daily EMA 200 (1.2780). From a daily chart perspective, the movement above the daily EMA 200 following a double bottom formation at 1.2000 psychological level suggests a valid bullish scenario. The bias is bullish in nearest term testing the 1.3000 – 1.3050 area. Immediate support is seen around 1.2780. A clear break and daily close back below that area would interrupt the bullish scenario and reactivate my neutral mode.

USDJPY Forecast:

The USDJPY had a bearish momentum yesterday and it bottomed at 108.31. This is a good sign for the bearish scenario, but note that as long as it stays above 108.13, the hammer/pin bar bullish reversal warning remains valid. The bias is bearish in nearest term testing 108.13. A clear break below that area would expose 107.50 or lower. Immediate resistance is seen around 108.80. A clear break above that area could lead price to neutral zone in nearest term testing 109.20 area but key resistance remains at 110.10.

USDCHF Forecast:

The USDCHF had a significant bearish momentum yesterday and it bottomed at 0.9955. The bias is bearish in nearest term. The price movement suggests a bearish outlook testing 0.9880 before retesting 0.9813. Immediate resistance is seen around 1.0020. A clear break and daily close back above that area could lead price to neutral zone in nearest term as direction would become unclear. Overall I remain neutral.

Daily Forex Forecast for April 18, 2017

EURUSD Forecast:

The EURUSD attempted to push higher yesterday – it topped at 1.0670 but closed a little bit lower at 1.0642. The pair is still trading in a narrow range. The bias remains neutral in nearest term, probably with a little bullish bias testing the 1.0700 region. Price is still in a bearish phase after the false break above 1.0873 but it is still above the trend line support. Immediate support is seen around 1.0615 followed by 1.0575 which needs to be clearly broken for the downside to continue to the bearish phase testing the 1.0500 area. On the upside, a clear break and daily close back above 1.0700 would expose the 1.0873 key resistance once again. Overall I remain neutral.

GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday – it topped at 1.2596 but closed a little bit lower at 1.2561. The bias remains neutral in the nearest term probably with a little bullish bias retesting the 1.2615 resistance area. A clear break and daily close above that area would expose the 1.2700 – 1.2750 region. Immediate support is seen around 1.2520 followed by 1.2480. Overall I remain neutral.

USDJPY Forecast:

The USDJPY attempted to push lower yesterday – it bottomed at 108.13 but closed higher at 108.90. The bias is neutral in nearest term. We are seeing a bearish trend here with the possibility of a potential bullish pullback/reversal scenario. Overall I remain bearish, but need a clear break below 108.13 to reactivate my bearish mode targeting 107.50 or lower. Immediate resistance is seen around 109.30. A clear break above that area could trigger further bullish pullback testing 109.85 – 110.10 resistance area.

USDCHF Forecast:

The USDCHF didn’t have any significant movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term. As long as this pair stays above the 1.0020 mark, the price is still in a bullish phase targeting the 1.0115 and 1.0170 resistance levels. On the downside, a clear break and daily close back below 1.0020 would end the bullish phase testing 0.9970 or lower. Overall I remain neutral.

Daily Forex Forecast for April 17, 2017

EURUSD Forecast:

The EURUSD was indecisive last week. Price traded in a narrow range, topped at 1.0677 but closed lower at 1.0610. The bias is neutral in the nearest term. Price is still in a bearish phase since the false break above 1.0873 but the trend line support still holds so far. Immediate resistance is seen around 1.0650. A clear break above that area could trigger further bullish pressure testing the 1.0700 region. On the downside, a clear break and daily close below the trend line support and 1.0575 would expose the 1.0500 region. Overall I remain neutral.

GBPUSD Forecast:

The GBPUSD had a bullish momentum last week and topped at 1.2573. The bias is neutral in nearest term but as long as the price stays above 1.2480 I still prefer a bullish scenario at this phase retesting the 1.2615 region. Immediate resistance is seen around 1.2575, followed by 1.2615. On the downside, a clear break and daily close below 1.2480 would end the bullish phase which started after bouncing off the 1.2375 key support. Overall I remain neutral.

USDJPY Forecast:

The USDJPY continued its bearish momentum last week after it broke below the 110.10 key support, bottomed at 108.53 and hit 108.13. The bias is bearish in nearest term testing the 107.50 area. Immediate resistance is seen around 108.70. A clear break above that area could lead price to neutral zone in nearest term but overall I remain bearish and any upside pullback should be seen as a good opportunity to sell.

USDCHF Forecast:

The USDCHF was indecisive last week. The bias is neutral in nearest term but as long as it stays above 1.0020 support area, the price is still in a bullish phase testing 1.0115 and 1.0170 resistance levels. Immediate resistance is seen around 1.0060. On the downside, a clear break and daily close back below 1.0020 would end the bullish phase testing 0.9970 or lower. Overall I remain neutral.

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