GBPUSD Daily Forecast: October 26

GBPUSD Forecast:


A big surprise in UK GDP data on Friday hurt Sterling badly. The pair bottomed at 1.6298 and closed at 1.6303. Technically on daily chart below, it was a false breakout which usually trigger significant bearish momentum as price now back in the bearish channel area. The upper line of the bearish channel now became a resistance again, a good place to place a short position with only tight stop loss above it. The bias is bearish in nearest term targeting 1.6113 area. Immediate resistance at 1.6370.



USDJPY Daily Forecast: October 26

USDJPY Forecast:

As I had expected, the USDJPY had a bullish momentum on Friday. Like I said, a double top scenario failure tend to produce a bullish continuation scenario. The bias is bullish but we have to be careful at this phase. As you can see in my daily chart below, 92.50 area is very important and should be a strong resistance area. So I will stop place long position for now until we have a new phase of bullish scenario once we have consistent move above 92.50. Immediate support at 91.80. Break below that area should be seen as potential threat to the bullish scenario and lead us back towards 91.40 area.



USDCHF Daily Forecast: October 26

USDCHF Forecast

The USDCHF made a moderate bullish correction on Friday. Technically we might have significant movement here, as you can see in my h4 chart below, price is now challenging my trendline resistance. Note that we have 2 false breakout (circled) before, so if we have another false breakout this time, we can expect further bearish momentum. However, I think the current situation a different now as this time we are faced with a psychological level, 1.0000. A rejection to move below that area could trigger a significant bullish momentum and set up a bullish reversal scenario or at least, significant bullish correction. Immediate resistance at 1.0120 followed by 1.0166.