Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jul 21 08 03:31 GMT |

EURUSD Outlook The EURUSD made no significant movement on Friday. The pair opened and closed around 1.5850 key level (1.5856 and 1.5847). In the nearest term, the bias is still on the bullish side. Initial resistance is seen at 1.5905. Any consistent move below 1.5850 could trigger further downside correction and retest 1.5780 area once again. EURUSD Daily Supports and Resistances: S1= 1.5807 S2= 1.5767 S3= 1.5727 R1= 1.5887 R2= 1.5927 R3= 1.5967 GBPUSD Outlook The GBPUSD made indecisive movement on Friday by open and closed at the same price (1.9984). It seems that the downside correction is very limited at this time. Today we have about 30 pips gap on the Asian market opening (1.9951). My model remains mixed with downside bias. Immediate resistance is seen at 1.9990. Initial support at 1.9905. CCI in neutral area on daily chart. GBPUSD Daily Supports and Resistances: S1= 1.9927 S2= 1.9871 S3= 1.9837 R1= 2.0017 R2= 2.0051 R3= 2.0107 USDJPY Outlook The USDJPY continued it's bullish momentum on Friday. The pair topped at 106.98 and closed at 106.95. However, my hourly bullish channel has been violated this morning in Asian session, so we might see a downside correction towards 106.30. We seem to have important resistance at 107.30. CCI in neutral area on daily chart. USDJPY Daily Supports and Resistances: S1= 106.28 S2= 105.62 S3= 105.27 R1= 107.29 R2= 107.64 R3= 108.30 USDCHF Outlook The USDCHF topped at 1.0250 and closed at 1.0227 on Friday. We seem to have good resistance in 1.0250-60 area in this correctional upside movement that could trigger the pair to back in it's downside major trend. My model is short, targeting 1.0130. CCI in neutral area on daily chart. USDCHF Daily Supports and Resistances: S1= 1.0182 S2= 1.0138 S3= 1.0104 R1= 1.0260 R2= 1.0294 R3= 1.0338 FX Instructor LLC www.fxinstructor.com The information has been prepared for information purposes only. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. This information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. FXInstructor LLC assumes no responsibilities for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon this information. FXInstructor LLC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXInstructor LLC shall not be liable for any indirect, incidental, or consequential damages including without limitation losses, lost revenues or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results