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Old 03-06-2013, 10:32 PM
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Default Daily Forecast: March 07

EURUSD Forecast
The EURUSD had a bearish momentum yesterday bottomed at 1.2964. The bias is bearish in nearest term testing 1.2900. Immediate resistance is seen around 1.3010. A clear break above that area could lead price to neutral zone in nearest term testing 1.3050/80 (daily EMA 200). A clear break and daily close above that area could interrupt the bearish outlook but overall I still prefer a bearish scenario with sell on rallies strategy.



GBPUSD Forecast
The GBPUSD regained its bearish momentum yesterday bottomed at 1.4973. The bias is bearish in nearest term testing 1.4900. Immediate resistance is seen around 1.5040/50. A clear break above that area could lead price to neutral zone in nearest term testing 1.5100 but any upside pullback now is normal and overall I still prefer a bearish scenario with sell on rallies strategy.



USDJPY Forecast
The USDJPY had a bullish momentum yesterday slipped above 94.00. The bias remains bullish in nearest term testing 94.50 95.00. Immediate support is seen around 93.50. A clear break below that area could lead price to neutral zone in nearest term testing 93.00 but overall I remain bullish.



USDCHF Forecast
The USDCHF had a bullish momentum yesterday topped at 0.9488. The bias is bullish in nearest term testing 0.9520 or higher. Immediate support is seen around 0.9450. A clear break below that area could lead price to neutral zone in nearest term testing 0.9400 0.9370 but overall I still prefer a bullish outlook as a part of the bullish reversal scenario after broke above the bearish channel.



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