Daily Forecast: April 09

[FxInstructor]

EURUSD Forecast
The EURUSD had a bearish momentum last week after unable to break above 1.3400 and broke below the bullish channel as you can see on my h4 chart below. The bias remains bearish in nearest term testing 1.3000 – 1.2973 strong support area. Immediate resistance is seen around 1.3130 – 1.3163. A clear break above that area could lead price to neutral zone in nearest term. On the downside, a clear break and daily close below 1.3000 could trigger further bearish scenario testing 1.2880 area or lower.



GBPUSD Forecast
The GBPUSD failed to continue its bullish momentum last week after the false breakout above 1.6000 and slipped back below 1.5900. The bias is bearish in nearest term testing 1.5800 support area. A clear break and daily close below that area could trigger further bearish pressure testing 1.5700 – 1.5650. Immediate resistance is seen around 1.5900. A clear break above that area could lead price to neutral zone in nearest term testing 1.5950 – 1.6000. On the upside, a clear break and daily close back above 1.6000 would keep the bullish scenario after the breakout above the trend line resistance remains strong and reactivate my bullish mode.



USDJPY Forecast
The USDJPY had a significant bearish momentum last week, broke below 81.80 support area and hit 81.19. The bias is bearish in nearest term testing 80.23 – 79.52 area. Immediate resistance is seen around 81.50/80. A clear break above that area could lead price to neutral zone in nearest term. The major bullish reversal, scenario should remain intact but would need a clear break and daily close at least back above 83.00 to end the current bearish correction phase after the failure to make a clear break above 84.00.



USDCHF Forecast
The USDCHF had a bullish momentum last week, topped at 0.9221 after found a good support around 0.9000. The bias remains bullish in nearest term testing 0.9320. Immediate support is seen around 0.9150/25 area. A clear break below that area could lead price to neutral zone in nearest term.



Have a great day!