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Old 10-17-2012, 03:33 AM
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Default Daily Forecast: October 17

EURUSD Forecast
The EURUSD had a bullish momentum yesterday, topped at 1.3123. The bias remains bullish in nearest term testing 1.3170. Immediate support is seen around 1.3070/50. A clear break below that area could lead price to neutral zone in nearest term testing 1.3000 but as long as moving inside the bullish channel I still prefer a bullish scenario. From a longer term outlook, if price able to break above 1.3170, next bullish target seen around 1.3282 (May’s high) and 1.3379 (April’s high).



GBPUSD Forecast
The GBPUSD had a bullish momentum yesterday and hit 1.6140 earlier today. The bias remains bullish in nearest term testing 1.6150 – 1.6200 before testing 1.6300. Immediate support is seen around 1.6100 – 1.6080. A clear break below that area could lead price to neutral zone in nearest term testing 1.6050/00 support area. Potential medium term range is seen between 1.6300 – 1.6000.



USDJPY Forecast
The USDJPY was indecisive yesterday. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 79.00 key intraday resistance which need to be broken to the upside to continue the bullish scenario testing 80.00/50 area. Immediate support remains around 78.50. A clear break below that area could lead price to neutral zone in nearest term testing 78.00.



USDCHF Forecast
The USDCHF had a bearish momentum yesterday bottomed at 0.9214. This fact could create further bearish scenario testing 0.9100 area. Immediate resistance is seen around 0.9250/60. A clear break above that area could lead price to neutral zone in nearest term testing 0.9330/50 but overall I still prefer a bearish scenario.



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