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Old 05-01-2012, 01:50 AM
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Default Daily Forecast: May 01

EURUSD Forecast
The EURUSD was indecisive yesterday, made a Doji on daily chart but overall still maintain its bullish short term bias and keep making higher lows since bounced from 1.3000. The bias remains bullish in nearest term but note that as long as stays inside the triangle price is still in a consolidation phase within a major bearish context. The upper line of the triangle which now located around 1.3280 1.3300 will be a key resistance. A clear break and daily close above that area could cancel the bearish outlook testing 1.3350/80 area or higher. Daily EMA 200 is seen around 1.3350. A clear break and daily close above the daily EMA 200 could give further confirmation of a potential major bullish reversal scenario. On the downside, we need a clear break and daily close at least below 1.3150 to give the major bearish scenario another chance retesting 1.3000 strong support area. I still prefer to sell on rallies at this phase with a tight stop loss above the triangle.

GBPUSD Forecast
The GBPUSD was corrected lower yesterday, bottomed at 1.6220 and closed at 1.6228. Price has been moving strongly to the upside since bounce from 1.5817 two weeks ago so any downside pullback is normal but overall I remain bullish on this pair and still prefer to buy on dips. Immediate support is seen around 1.6150. A clear break below that area would activate my wait and see mode and turn my short term technical bias to a bearish view. CCI is moving lower on daily chart suggest potential bearish pullback and bullish exhaustion. Immediate resistance is seen around 1.6250 followed by 1.6300. A clear break and daily close above 1.6300 could continue the bullish scenario testing 1.6350 1.6470 region.

USDJPY Forecast
The USDJPY continued its bearish momentum yesterday and hit 79.66 earlier today. The bias remains bearish in nearest term but 80.23 79.52 support area remains a good place to buy with stop loss below 79.52. A clear break and daily close back below 79.52 would postpone the bullish reversal scenario testing 78.80 area. Immediate resistance is seen around 80.23. A clear break above that area could lead price to neutral zone in nearest term but we need at least a clear break and daily close above 81.80 to end the current strong bearish correction phase.

USDCHF Forecast
The USDCHF was indecisive yesterday, made a Doji on daily chart. There are no changes in my technical outlook and overall price is still consolidating, moving inside range area without clear direction and momentum. However, short term bias seems more to the downside testing 0.9000 0.8930. Immediate resistance is seen around 0.9100 0.9130. I will stand aside for now.

Have a great day!
FX Instructor, LLC
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