Daily Forecast: August 16

The EURUSD continued its bullish momentum yesterday topped at 1.3362 after failed to break below 1.3200 key support area. The bias is bullish in nearest term testing 1.3400 key resistance which needs to be clearly broken to the upside to continue the bullish scenario. Immediate support is seen around 1.3325/00. A clear break below that area could lead price to neutral zone in nearest term testing 1.3250 but only a clear break below 1.3200 could be a threat to the current bullish outlook.

GBPUSD Forecast

The GBPUSD continued its bullish momentum yesterday topped at 1.5651. The bias remains bullish in nearest term testing 1.5700/50. Immediate support is seen around 1.5600. A clear break below that area could lead price to neutral zone in nearest term testing 1.5550 but any downside pullback now is normal and overall I still prefer a bullish scenario at this phase.

USDJPY Forecast

The USDJPY had a bearish momentum yesterday bottomed at 97.05 but traded higher earlier today hit 97.75. The bias is bearish in nearest term testing 97.00 or lower. Immediate resistance is seen around 97.75 (current high). A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 99.00/50 I still prefer a bearish scenario at this phase.

USDCHF Forecast

The USDCHF had a bearish momentum yesterday bottomed at 0.9246. The bias remains bearish in nearest term testing 0.9200 – 0.9180. Immediate resistance is seen around 0.9300. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 0.9350 – 0.9400 I still prefer a bearish scenario at this phase.

Have a great day!