Daily Forecast: October 24

[FxInstructor]

EURUSD Forecast
The EURUSD was indecisive last week. As you can see on my hourly chart below price is moving inside a range area of 1.3913 – 1.3670/55. However as long as price stays above 1.3670/55 the bullish phase since bounced from 1.3145 and broke above the bearish channel should remain intact. A clear break above 1.3913 could trigger further bullish pressure testing 1.4000 key/major resistance area. Immediate support is seen around 1.3820 followed by 1.3750. On the downside, only a clear break and daily close back below 1.3670/50 could end the current bullish phase testing 1.3500 area.



GBPUSD Forecast
The GBPUSD had a significant bullish momentum on Friday, strongly broke above 1.5850 and hit 1.5972. This fact cancelled the triple top scenario and could continue the bullish phase since the false breakdown below 1.5330 targeting 1.6000 psychological level. A clear break and daily close above 1.6000 could trigger further bullish pressure testing 1.6100 even higher. Immediate support is seen around 1.5925. A clear break below that area could lead price to neutral zone in nearest term but any downside pullback now is normal and as long as price stays above 1.5850 and my overall intraday bias should remain strongly to the upside.



USDJPY Forecast
The USDJPY had a bearish momentum last week, slipped below 76.21. While my short term bias is bearish, note that price is still unable to stay consistently below 76.21 so far. A clear break and daily close below 76.21 could trigger further bearish scenario testing 75.00 area. On the upside, only a clear break and daily close above 77.80 could trigger further bullish scenario, an early signal of a bullish reversal outlook.



USDCHF Forecast
The USDCHF continued its bearish momentum on Friday and broke below the trend line support as you can see on my daily chart below. The bias remains bearish in nearest term testing 0.8700 even 0.8550 area especially if price able to make another strong break below 0.8800. Immediate resistance is seen around 0.8915 area (former support). A clear break back above that area could lead price to neutral zone in nearest term but only a clear break back at least above 0.9000 area could end the current bearish phase. From another technical perspective on daily chart, we have a potential H&S formation which can only be cancelled by a movement above 0.9081 (Thursday’s high).



Have a great day!