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Old 10-11-2012, 10:46 PM
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Default Daily Forecast: October 12

EURUSD Forecast
The EURUSD had a bullish momentum yesterday, topped at 1.2951. This fact keeps the major bullish scenario remains strong but short/medium term outlook remains in consolidation phase as price has been moving up and down without clear direction in the last three weeks but overall still making higher lows since bounced from 1.2041 (July’s low). From another technical perspective as you can see on my h4 chart below, price is also moving inside a triangle formation. I still prefer a bullish scenario as long as price is still moving inside the bullish channel and above 1.2800 (daily EMA 200) – 1.2750 key support area. Immediate resistance is seen around 1.2950. A clear break above that area could trigger further bullish pressure testing 1.3000 – 1.3050/70 region. Immediate support is seen around 1.2900. A clear break back below that area could trigger further bearish pressure testing 1.2850 – 1.2800.



GBPUSD Forecast
The GBPUSD had a bullish momentum yesterday, topped at 1.6053. The bias is neutral in nearest term. I still prefer a bearish scenario at this phase as a part of the false trend line breakout (bearish scenario) testing 1.5900 – 1.5800 region. Immediate resistance is seen around 1.6070 – 1.6100. A clear break above that area could trigger further bullish pressure and keep price in a sideways condition between 1.6000 – 1.6300.



USDJPY Forecast
The USDJPY had a bullish momentum yesterday after failed to make a clear break below 78.00 but overall still trapped in range area of 78.00 – 79.00. There are no changes in my technical outlook. The bias remains neutral in nearest term. Overall I still prefer a bullish scenario due to a good risk-reward ratio near the record low at 75.56.



USDCHF Forecast
The USDCHF had a bearish momentum yesterday after another failure to make a clear break above 0.9420/35 key resistance area bottomed at 0.9335. The bias is bearish in nearest term testing 0.9250. Immediate resistance is seen around 0.9370. A clear break back above that area could lead price to neutral zone in nearest term retesting 0.9420/35. I still prefer a bearish scenario at this phase.



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