InstaForex

USDCHF Daily Forecast: December 07

Monday, 07 December 2009 06:10

USDCHF Forecast
The USDCHF had a significant bullish momentum on Friday as Dollar rallied strongly after much better than expected employment numbers. Technically on h4 chart below, a false breakdown from my trendline support area (blue) triggered a significant bullish momentum, break above my trendline resistance (aqua, now support), topped at 1.0190 and closed at 1.0164. Although the bearish scenario is in a serious threat, I think it’s too early for a bullish reversal scenario.

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USDJPY Daily Forecast: December 07

Monday, 07 December 2009 06:09

USDJPY Forecast:
As I had expected, the USDJPY continued its bullish momentum on Friday, topped at 90.76 and closed at 90.52. On h4 chart below we can see that the trendline resistance (red, now support) has been violated to the upside indicating bearish failure and potential bullish scenario at least targeting 91.30 before aim for 92.32 area.

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GBPUSD Daily Forecast: December 07

Monday, 07 December 2009 06:08

GBPUSD Forecast:
The GBPUSD was technically a mess on Friday. The pair attempted to push higher, topped at 1.6668 but further bullish momentum was rejected as the pair whipsawed to the downside, bottomed at 1.6421 and closed at 1.6473. On daily chart below we have a false breakout from the trendline resistance (red) indicating potential downside scenario testing 1.6400 area. Break below that area should trigger further bearish momentum towards 1.6250 area. Immediate resistance at 1.6550 – 1.6600 area.

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EURUSD Forecast: Under pressure, but the bullish scenario remains intact

Monday, 07 December 2009 06:04

The EURUSD had a significant bearish momentum on Friday, slipped below my major trendline support, bottomed at 1.4821 and closed at 1.4857. The major bullish scenario is surely in serious threat, but remains intact as price still able to move above 1.4820/00 key support level area so far and now back above the trendline support. The bias is neutral in nearest term. Immediate resistance at 1.4950 area. Break above 1.4950 should trigger further bullish momentum re-testing 1.5140/50 area.

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