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Old 03-08-2012, 11:46 PM
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Default Daily Forecast: March 09

EURUSD Forecast
The EURUSD had a bullish momentum yesterday, topped at 1.3290 and closed at 1.3270. The bias remains bullish in nearest term testing 1.3320. A clear break and daily close above that area could trigger further bullish pressure testing 1.3480 key resistance area. Immediate support is seen around 1.3230 1.3200. A clear break back below that area could lead price to neutral zone in nearest term but would keep the double top bearish scenario remains strong testing 1.3150 1.3100 area.



GBPUSD Forecast
The GBPUSD had a bullish momentum yesterday, topped at 1.5831 and closed at 1.5820. The bias is bullish in nearest term testing 1.5900 area. However note that overall price is still trapped in range area between 1.6000 1.5650 in the last five weeks and need a clear break on either side to see clearer direction. Immediate support is seen around 1.5780. A clear break below that area could lead price to neutral zone in nearest term testing 1.5700 1.5650 key support area.



USDJPY Forecast
The USDJPY continued its bullish bias yesterday, topped at 81.72 and hit 81.88 earlier today. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 82.20. Immediate support is seen around 81.40/50. A clear break below that area could lead price to neutral zone in nearest term testing 81.00 but overall I still prefer a bullish intraday scenario at this phase as long as stays above 80.23 79.52 key support area.



USDCHF Forecast
The USDCHF failed to continue its bullish momentum yesterday, bottomed at 0.9070 and closed at 0.9082. The bias is bearish in nearest term testing 0.9050 key support area. A clear break and daily close below that area would reactivate my bearish mode retesting 0.8935. Immediate resistance is seen around 0.9115. A clear break above that area could lead price to neutral zone in nearest term testing 0.9174 0.9220/30 resistance area.



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