Forex Trading Resources: Forex Market Analysis 17/Nov/2015

EURUSD Forecast

The EURUSD had a bearish momentum yesterday and hit 1.0660 earlier today. As you can see on my H1 chart below, price slipped below the bullish channel and now struggling around 1.0670 support area. The bias is bearish in nearest term especially if price able to make a clear break below 1.0670 targeting 1.0600 before testing 1.0500 region. Immediate resistance is seen around 1.0725. A clear break back above that area could lead price to neutral zone in nearest term testing 1.0770 – 1.0800 but overall I remain bearish and any upside pullback should be seen as a good opportunity to sell. Fundamental focus today will be on German/Euro Zew Economic Sentiment and US CPI/Core CPI which are expected to be a market catalyst.

USDJPY Forecast
The USDJPY had a bullish momentum yesterday and hit 123.35 earlier today. The bias is bullish in nearest term testing 124.00/50 area. Immediate support is seen around 123.00 A clear break below that area could lead price to neutral zone in nearest term testing 122.50. My major technical outlook remains neutral but as long as stays above the H1 EMA 200 I still prefer a bullish intraday scenario at this phase with stop loss below the H1 EMA 200.

GBPUSD Forecast
The GBPUSD didn’t make significant movement yesterday. The bias remains bullish in nearest term testing 1.5300 – 1.5350. Immediate support is seen around 1.5180. A clear break below that area could lead price to neutral zone in nearest term testing 1.5100 or lower. My major technical outlook remains neutral. Fundamental focus today will be on the UK CPI y/y and US CPI/Core CPI m/m which are expected to be a market catalyst.

USDCHF Forecast
The USDCHF had a bullish momentum yesterday and hit 1.0106 earlier today. The bias is bullish in nearest term testing 1.0125. A clear break above that area could trigger further bullish pressure testing 1.0200/40 key resistance. Immediate support is seen around 1.0070. A clear break below that area could lead price to neutral zone in nearest term testing 1.0000 but overall I remains bullish and any downside pullback should be seen as a good opportunity to buy. Fundamental focus today will be on German/Euro Zew Economic Sentiment and US CPI/Core CPI which are expected to be a market catalyst.