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Old 10-29-2012, 02:00 AM
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Default Daily Forecast: October 29

EURUSD Forecast
The EURUSD had a bearish momentum last week and slipped below the bullish channel as you can see on my h4 chart below. The bias is bearish in nearest term especially if price able to make a clear break below 1.2890 testing 1.2850/00 area. The major bullish outlook is in a serious threat but I am not in a bearish mode yet. My medium term bias is entering a neutral zone with key support seen at 1.2750. Immediate resistance is seen around 1.2950. A clear break above that area could lead price to neutral zone in nearest term testing 1.2980 - 1.3000 area.



GBPUSD Forecast
The GBPUSD was indecisive on Friday but traded lower earlier today hit 1.6073. The bias is neutral in nearest term. Overall price is still making lower highs since fell from 1.6300 but still unable to have consistent bearish momentum so far, keeps my medium outlook in a neutral zone. Immediate support is seen around 1.6050. A clear break below that area could trigger further bearish pressure testing 1.6000 1.5990/50. Immediate resistance is seen around 1.6100/10. A clear break above that area could trigger further bullish pressure testing 1.6150 1.6200.



USDJPY Forecast
The USDJPY attempted to push higher last week topped at 80.37 but closed lower at 79.62 on Friday. The bias is neutral in nearest term but overall I still prefer a bullish scenario at this phase. Immediate support is seen around 79.40. A clear break below that area could trigger further bearish pressure testing 79.00. Immediate resistance is seen around 79.75/80. A clear break above that area could trigger further bullish pressure testing 80.00/50 which needs to be clearly broken to the upside to continue the bullish scenario.



USDCHF Forecast
The USDCHF had a bullish momentum last week topped at 0.9385. The bias is bullish in nearest term testing 0.9420/35 but overall I still prefer to sell on rallies. Immediate support is seen around 0.9315. A clear break below that area could lead price to neutral zone in nearest term testing 0.9250. On the upside, a clear break and daily close above 0.9420/35 will be a threat to the major bearish outlook and activate my bullish intraday mode.




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