Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jul 10 08 03:04 GMT |

EURUSD Outlook

The Euro was traded stronger against Dollar yesterday. The pair topped at 1.5750 and closed at 1.5738. We have a bullish channel on hourly chart. We might still in consolidation/correctional phase of bullish outlook, so the pair might make another attempt to push lower. As long as the pair move above 1.5650, the bias is up. My model for today is mixed with upside bias. CCI in neutral area on daily chart. A consistent move above 1.5750 could trigger further upside scenario.

EURUSD Daily Supports and Resistances:

S1= 1.5676
S2= 1.5614
S3= 1.5577
R1= 1.5775
R2= 1.5812
R3= 1.5874
GBPUSD Outlook

The Greenback slumped against Sterling yesterday. GBPUSD topped at 1.9837 and closed at 1.9835. The pair is making a new bullish channel on hourly and 4h chart. My model goes long targeting 1.9895. Immediate support is seen at 1.9780. CCI in overbought area in 4h chart so watch out for a minor downside pullback.

GBPUSD Daily Supports and Resistances:

S1= 1.9725
S2= 1.9615
S3= 1.9559
R1= 1.9891
R2= 1.9947
R3= 2.0057
USDJPY Outlook

The Japanese Yen recovered against Dollar yesterday. The pair bottomed at 106.68 and closed at 106.80. We have a valid bearish channel from last high on 16/06/2008 (108.58) on daily chart. My model is short, targeting 106.15. Immediate resistance is seen at 106.91. CCI heading down towards -100 line on daily chart.

USDJPY Daily Supports and Resistances:

S1= 106.43
S2= 106.06
S3= 105.45
R1= 107.41
R2= 108.02
R3= 108.39
USDCHF Outlook

The Swiss Franc recovered against US Dollar yesterday. The pair bottomed at 1.0276 and closed at 1.0284. The pair is making a new bearish channel on hourly chart. My model is short targeting 1.0215. Immediate resistance is seen at 1.0310. CCI in neutral area on daily chart.

USDCHF Daily Supports and Resistances:

S1= 1.0256
S2= 1.0228
S3= 1.0181
R1= 1.0331
R2= 1.0378
R3= 1.0406

FX Instructor LLC
www.fxinstructor.com