Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jul 23 08 03:20 GMT |

EURUSD Outlook The EURUSD failed to maintain it's bullish momentum yesterday. The pair topped at 1.5943 before sharply fell and bottomed at 1.5758 and closed at 1.5786. The key level at this phase is 1.5750. A break to the downside could open the door for a further downside movement towards 1.5690 then 1.5610. Initial resistance is seen at 1.5850. CCI about to cross 100 line down on weekly chart, suggesting a potential bearish view for this week. EURUSD Daily Supports and Resistances: S1= 1.5715 S2= 1.5644 S3= 1.5530 R1= 1.5900 R2= 1.6014 R3= 1.6085 GBPUSD Outlook The Sterling also slumped against Greenback yesterday. The pair bottomed at 1.9896 and closed at 1.9911. My model is mixed with downside bias. Should this bearish momentum continue, the pair is heading for 1.9820 (38.2 Fibonacci Retracement from 1.9408 to 2.0070). Immediate support is seen at 1.9880. Initial resistance at 1.9990. GBPUSD Daily Supports and Resistances: S1= 1.9846 S2= 1.9781 S3= 1.9667 R1= 2.0025 R2= 2.0139 R3= 2.0204 USDJPY Outlook After corrected lower on Monday, the USDJPY continued it's bullish momentum yesterday. The pair topped at 107.44 and closed at 107.29. My model is long, targeting 107.85. Immediate support is seen at 107.06. CCI about to cross 100 line up on daily chart, suggesting a bullish potential. USDJPY Daily Supports and Resistances: S1= 106.42 S2= 105.55 S3= 105.04 R1= 107.80 R2= 108.31 R3= 109.18 USDCHF Outlook Like all other major currencies, the Swiss Franc slumped against Greenback yesterday. This fact force my model to go long targeting 1.0390. Immediate support is seen at 1.0257. CCI just cross 100 line up on daily chart. USDCHF Daily Supports and Resistances: S1= 1.0179 S2= 1.0057 S3= 0.9980 R1= 1.0378 R2= 1.0455 R3= 1.0577 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