Daily Forex Forecasts for the week from 3rd April to 7th April 2017

Daily Forex Forecast for April 7, 2017

EURUSD Forecast:

The EURUSD had another indecisive movement yesterday. The bias remains neutral in nearest term. Price has been moving sideways between 1.0635 – 1.0700 range area as you can see on my H1 chart below suggests a consolidation phase. That said, price is still in a bearish short-term trend after formed a “shooting star” formation on daily chart last week and broke below the trend line support as you can see on my H1 chart below, targeting 1.0600 region. Immediate resistance is seen around 1.0700. A clear break above that area could trigger further bullish pressure but only a clear break and daily close above 1.0750 would end the current bearish short-term bias. Fundamental focus will be on the US NFP on Friday. Overall, I remain neutral.

GBPUSD Forecast:

The GBPUSD failed to continue its bearish momentum yesterday – it topped at 1.2497 and hit 1.2501 earlier today in Asian session. The bias is neutral in nearest term. The price is moving inside a triangle formation, which suggests a consolidation phase after a bullish run from 1.2108 on March 14. Price needs to break above the triangle (1.2525) to continue this bullish run retesting 1.2615 region. On the downside, the lower line of the triangle located around 1.2425 and 1.2375 are key supports at this phase. Fundamental focus will be on the US NFP on Friday. Overall I remain neutral.

USDJPY Forecast:

The USDJPY attempted to push higher yesterday but whipsawed to the downside and closed lower at 110.67 after a rejection to break above 111.30 key resistance. The bias is bearish in nearest term but note that we need a clear break and daily close below 110.10 key support to establish a new and longer bearish trend with nearest target seen around 108.50 area. On the upside, a clear break and daily close back above 111.30 would expose 112.00 or higher. Fundamental focus will be on the US NFP on Friday.

USDCHF Forecast:

The USDCHF had a bullish momentum yesterday topped at 1.0076 but closed lower at 1.0049 and hit 1.0026 earlier today in Asian session. This is a false breakout above 1.0060 resistance. The bias is bearish in nearest term testing 0.9990. On the upside, any sustained movement above 1.0060 would expose 1.0120 or higher. Fundamental focus will be on the US NFP on Friday. Overall I remain neutral.

Daily Forex Forecast for April 6, 2017

EURUSD Forecast:

The EURUSD had another indecisive movement yesterday. The bias is neutral in nearest term probably with a little bullish bias but as long as stay below 1.0750 price is still in a bearish phase as a part of the “shooting star” bearish scenario (daily chart) targeting 1.0600 region. A clear break and daily close below that area would expose 1.0500 area. On the upside, a clear break and daily close above 1.0750 would expose 1.0825/73 area. Fundamental focus this week will be on the FOMC meeting minutes and US NFP number which expected to be a catalyst to move the market. Overall I remain neutral.

GBPUSD Forecast:

The GBPUSD continued its bearish momentum yesterday and bottomed at 1.2419. The price broke below the bullish channel and moved back below the H1 EMA 200 suggests a potential short-term bearish view. The bias remains bearish in nearest term testing 1.2375. A clear break and daily close below that area would expose 1.2300 or lower. Immediate resistance is seen around 1.2470. A clear break above that area could lead price to neutral zone in nearest term testing 1.2515 area. Fundamental focus this week will be on the FOMC meeting minutes and US NFP number which expected to be a catalyst to move the market. Overall I remain neutral.

USDJPY Forecast:

The USDJPY attempted to push lower yesterday bottomed at 110.26 but closed higher at 110.73. Price formed another “hammer” formation after a rejection to break below 110.10 key support as you can see on my daily chart below suggests an intense struggle between buyers and sellers around that key level. The bias is neutral in nearest term probably with a little bullish bias testing 111.30. A clear break and daily close back above that area would expose 112.00 or higher. On the downside, a clear break and daily close below 110.10 would expose 108.50 region this week and establish a longer term bearish trend with 111.30 – 112.00 as key resistance. Fundamental focus this week will be on the FOMC meeting minutes and US NFP number which expected to be a catalyst to move the market.

USDCHF Forecast:

The USDCHF had another indecisive movement yesterday. The bias is neutral in nearest term. Immediate resistance is seen around 1.0060. A clear break and daily close above that area would expose 1.0120 or higher. Immediate support is seen around 0.9990. A clear break and daily close below that area would expose 0.9950 or lower. Fundamental focus this week will be on the FOMC meeting minutes and US NFP number which expected to be a catalyst to move the market. Overall I remain neutral.

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