Daily Forecast: October 05
The EURUSD had a bullish momentum yesterday topped at 1.3030. The bias is bullish in nearest term testing 1.3100 region. Immediate support is seen around 1.2970. A clear break back below that area could lead price to neutral zone in nearest term testing 1.2900 but as long as stays inside the bullish channel and above 1.2750 the major bullish scenario should remain intact. The double top bearish phase also remains intact but any downside pullback now should be seen as a corrective movement. Fundamental focus today is on the US NFP number.
GBPUSD Forecast
The GBPUSD had a bullish momentum yesterday but still found a good intraday resistance around 1.6200. The bias is bullish in nearest term especially if price able to make a clear break above 1.6200 testing 1.6300 but my medium term outlook remains sideways with potential range seen between 1.6300 1.6000. On the upside we need a clear break above 1.6300 to continue the bullish scenario testing 1.6400 or higher. Immediate support is seen around 1.6150. A clear break back below that area could lead price to neutral zone in nearest term testing 1.6100 1.6050 region. Fundamental focus today is on the US NFP number.
USDJPY Forecast
The USDJPY was indecisive yesterday but overall still able to maintain its bullish intraday bias so far testing 79.00 or higher. Immediate support is seen around 78.00. A clear break below that area could trigger further bearish pressure testing 77.70. Overall I still prefer a bullish scenario due to a good risk-reward ratio near the record low at 75.56.
USDCHF Forecast
The USDCHF had a bearish momentum yesterday, bottomed at 0.9293. The bias is bearish in nearest term testing 0.9250. Immediate resistance is seen around 0.9350. A clear break above that area could lead price to neutral zone in nearest term but any upside pullback now is normal and as long as stays below 0.9420/35 I still prefer to sell on rallies. On the downside, a daily/weekly close below 0.9250 could create further bearish scenario. Fundamental focus today is on the US NFP number.
Have a great day!
2012-10-05 09:35:05
Source: http://www.traderslog.com/forum/showthread.php?t=21074&goto=newpost
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