Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jul 14 08 02:07 GMT |

EURUSD Outlook

In last three days, the Greenback slumped against Euro. Friday, the pair topped at 1.5947 and closed at 1.5936, but sharply corrected early today in Asian market, bottomed at 1.5882 (temporarily?). It's a little bit tricky at this phase. My model is mixed with neutral bias. A correctional downside move towards 1.5800 area might happen as the pair already in overbought area on daily chart. The nearest key level (support) is 1.5850. Should the bullish momentum continue, the pair is heading towards 1.6019 (22/04/2008 high) level.

EURUSD Daily Supports and Resistances:

S1= 1.5818
S2= 1.5700
S3= 1.5636
R1= 1.6000
R2= 1.6064
R3= 1.6182

GBPUSD Outlook

The Greenback also slumped against Sterling on Friday, but corrected early today in Asian market. My model for today is mixed with downside bias. Immediate support is seen at 1.9780 which also the nearest key level at this phase. A break to the downside could trigger further correctional downside move, while consistent move above that level can be seen at long opportunity targeting 2.0000 area. Initial resistance is seen at 1.9958 (Friday's high). CCI heading up towards 100 line on daily chart.

GBPUSD Daily Supports and Resistances:

S1= 1.9775
S2= 1.9661
S3= 1.9570
R1= 1.9980
R2= 2.0071
R3= 2.0185

USDJPY Outlook

The USDJPY attempted to push lower Friday, but failed to move below key level 105.50. My model is long, targeting 107.15. Immediate support is seen at 105.90. CCI in neutral area on daily chart.

USDJPY Daily Supports and Resistances:

S1= 105.51
S2= 104.76
S3= 103.87
R1= 107.15
R2= 108.04
R3= 108.79

USDCHF Outlook

The US Dollar slumped against the Swiss Franc on Friday. The pair bottomed at 1.0136 and closed at 1.0160, but corrected early today in Asian market. My model is mixed with downside bias. Immediate resistance is seen at 1.0230. Initial support at 1.0136 (Friday's low). CCI about to cross -100 line down on daily chart.

USDCHF Daily Supports and Resistances:

S1= 1.0096
S2= 1.0033
S3= 0.9930
R1= 1.0262
R2= 1.0365
R3= 1.0428

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