Daily Forecast : September 03

[FxInstructor]

EURUSD Forecast:
The EURUSD didn't make significant movement yesterday. The bias is neutral in nearest term but we are still in bullish correction phase as price is moving strongly inside the bullish channel as you can see on my h1 chart below. A break above the trend line resistance could trigger further upside momentum testing 1.2930. On the downside only a violation to the bullish channel and movement below 1.2770 support area could trigger bearish continuation at least testing 1.2700. Pay attention to US Non Farm Payroll data today.



GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5349 but closed higher at 1.5398 and keep moving higher around 1.5420 at the time I wrote this comment. On h1 chart below we can see price is moving inside a triangle indicating consolidation. Break above the triangle could trigger further bullish correction testing the trend line resistance and 1.5525 – 1.5575 region. On the other hand, break below the triangle could trigger further bearish momentum testing 1.5250. Pay attention to Non Farm Payroll data today.



USDJPY Forecast:
The USDJPY didn't make significant movement yesterday. The bias remains neutral in nearest term and I think we are in no trade zone but still within a major bearish scenario. Potential range area at 84.82 – 83.59. Break above 84.82 could trigger further upside pressure but only a move above the trend line resistance could be a serious threat to the current bearish outlook.



USDCHF Forecast
The USDCHF didn't make significant movement so far. The bias is neutral in nearest term and I think we are in no trade zone. The major scenario remains bearish but so far still unable to move consistently below 1.0130. Immediate support at 1.0095 (yesterday's low). Break below that area could trigger further downside attempt testing 1.0030. Initial resistance at 1.0220. Break above that area could trigger further bullish correction testing the trend line resistance (red). Pay attention to Non Farm Payroll data today.




Have a great day!