Daily Forecast: February 09

[FxInstructor]

EURUSD Forecast:
The EURUSD made indecisive movement yesterday. Price attempted to push higher, topped at 1.3713 but closed lower at 1.3647. We have nothing significant so far and the market seems consolidating but still in a bearish scenario. However the hammer candlestick pattern I showed yesterday, remains indicating potential upside correction testing 1.3750 key resistance area and only a break below 1.3585 could cancel the bullish correction scenario, continue the bearish momentum targeting 1.3490 – 1.3400 area this week. On the upside, break above 1.3750 should trigger further bullish correction towards 1.3850 – 1.4030 area.



GBPUSD Forecast:
The GBPUSD also made indecisive movement yesterday indicating consolidation after significant bearish momentum. No significant movement so far. The bias is neutral in nearest term but still in the bearish scenario. Immediate resistance remains at 1.5650 – 1.5707 area. Break above that area should trigger further bullish correction testing 1.5800. Initial support at 1.5550 – 1.5500 area. Break below that area should trigger further bearish scenario towards 1.5250 area this week.




USDJPY Forecast:
The USDJPY didn't make significant movement yesterday. On h4 chart below we have a triangle formation indicating consolidation. The bias remains neutral in nearest term but my bearish scenario targeting 86.60 area this week should remains intact. A breakout above the triangle should trigger further bullish momentum testing 90.00 area while a breakdown below the triangle should trigger further bearish momentum testing 88.50 area. As long as price stay below 90.00, I still prefer a bearish scenario.



USDCHF Forecast
The USDCHF attempted to push lower yesterday, slipped below 1.0700, bottomed at 1.0683 but closed higher at 1.0733. This fact should keep the bullish scenario at least targeting 1.0850 intact but overall we are still in consolidation phase as there is no significant technical movement so far. Initial support at 1.0683 – 1.0650 area. Break below that area should trigger further bearish correction testing 1.0600 – 1.0507 area.



Have a great day!