EURUSD daily forecast: March 13
The EURUSD did not make significant moves yesterday. The inclination remains neutral in the nearest term. From an hourly chart perspective, as you can see on the chart below, the price is moving within a growing wedge formation that could create further downward adjustments after printing a double wedge above 1.2445. Immediate support is seen around the bottom line of the growing wedge located around the 1.2300 area. A clear break below this area would confirm the bearish scenario with the test at 1.2270 – 1.2250 but the key support remains around 1.2175. Immediate resistance remains around 1.2360. A clear break above that area would invalidate the bearish scenario by testing the 1.2400 – 1.2445 zone. Overall I remain bullish, but as long as we stay below 1.2537 the price is still in a bearish correction / consolidation phase.
The GBPUSD had a bullish moment yesterday and exceeded 1.3916. The inclination is bullish in the nearest term. The price is testing the upper line of the bearish channel, as you can see on the daily chart below, which is located around the 1.3930 / 50 area. A clear daily move and closing above the bearish channel would pose a serious threat to the bearish correction phase that verifies the region 1.4000. Immediate support is seen around 1.3860. A sharp move below that area could bring the price to the neutral zone in the test at close to the 1.3800 – 1.3750 support area. My bullish prospect remains intact but we need a clear move above 1.4000 to re-test the key resistance area of 1.4275.
The USD / JPY failed to continue its bullish moment, yesterday reached 106.30 and got at 106.24 today in the Asian session. From a different technical perspective, as you can see in my daily chart below, we might have a potential formation of a descending triangle in the making. The inclination is neutral in the nearest term, probably with a bit of a bearish tendency that tests the support area of 105.50. A sharp move and a daily close below this area could trigger further bearish pressure testing the 104.25 area. Immediate resistance is seen around 106.50. A clear move above that area could trigger further bullish pressure testing the 107.00 region. Overall I remain neutral.
USD / CHF had a bearish moment yesterday and now it is around the support area of 0.9465, as you can see in my daily table below. This is not what I expected, but the bullish scenario should remain intact until we have a substantial movement below the 0.9456 support area. The trend is neutral in the nearest term. Immediate support is seen around 0.9458 (yesterday’s low). A sharp move below that area could bring further bearish pressure testing the 0.9420 / 00 area or lower. Immediate resistance is visible at around 0.9510. A sharp move above that area could trigger further bullish pressure testing the 0.9580 – 0.9650 area. Overall I remain neutral.