Daily Forecast: March 10

[FxInstructor]

EURUSD Forecast:
The EURUSD attempted to push lower yesterday. Price slipped below the minor bullish channel, bottomed at 1.3537 but closed higher at 1.3600 and now back inside the minor bullish channel. This fact should keep the bullish correction intact and potential false breakdown scenario which could trigger upside momentum testing 1.3735/50 area. The bias remains neutral in both nearest and medium term as price still consolidation but the major trend should remain bearish as long as price move inside the major bearish channel. Note that only a clear break below the triple bottom formation at 1.3450/35 area could be seen as the end of the bullish correction scenario. Immediate support at 1.3530 area.



GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.4935 but closed higher at 1.4994. The fact that price still unable to make a clear break below 1.4950 area indicates that the bullish correction scenario remains intact but overall the pressure should remain to the downside. Immediate resistance at 1.5050. Break above that area could trigger further bullish correction towards 1.5200/50 area. On the other hand, clear break below 1.4950 area should continue the bearish momentum re-testing 1.4779.




USDJPY Forecast:
The USDJPY attempted to push lower yesterday, bottomed at 89.62 and closed at 89.95. The main trend should remain bearish but bullish correction remains intact as long as price stay above 89.50 area and we need a break below that area to continue the bearish scenario retesting 88.50. Immediate resistance remains around 90.50 area. Break above that area should trigger further bullish correction targeting 91.50.



USDCHF Forecast
The USDCHF made another indecisive movement yesterday, still trapped in range area of 1.0888 – 1.0640 as you can see on my h4 chart below. Boring, but we have to patiently waiting. The best strategy remains to short around 1.0888 or long around 1.0640 with tight stop loss. Break above 1.0888 – 1.0900 area should continue the bullish scenario targeting 1.1000 while a break below 1.0640 should trigger further bearish correction towards 1.0507 area. As the main trend remains bullish, I am expecting a downside correction towards 1.0640 before continue the bullish move targeting 1.1000 area.




Have a great day!