Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jul 24 08 03:37 GMT |

EURUSD Outlook The EURUSD continued it's correctional bearish momentum yesterday. The pair bottomed at 1.5670 and closed at 1.5684. Today we might see another downside movement, testing 1.5610, the main support level at this phase. Initial resistance is seen at 1.5750. CCI about to cross -100 line down on daily chart, suggesting a potential bearish view. EURUSD Daily Supports and Resistances: S1= 1.5637 S2= 1.5590 S3= 1.5510 R1= 1.5764 R2= 1.5844 R3= 1.5891 GBPUSD Outlook Unlike the Euro, the Sterling was traded stronger against Greenback yesterday. The pair topped at 2.0028 and closed at 1.9972. My model is mixed with neutral bias. Immediate support is seen at 1.9950 followed by 1.9910. Initial resistance at 2.0075. CCI in neutral area on daily chart. GBPUSD Daily Supports and Resistances: S1= 1.9906 S2= 1.9841 S3= 1.9780 R1= 2.0032 R2= 2.0093 R3= 2.0158 USDJPY Outlook Yesterday the USDJPY hit my long target 107.85 and topped at 107.97. My model remains long targeting 108.50. However, CCI already in overbought area, so watch out for a downside correctional pullback. Immediate support is seen at 107.50 followed by 107.05. USDJPY Daily Supports and Resistances: S1= 107.41 S2= 106.89 S3= 106.61 R1= 108.21 R2= 108.49 R3= 109.01 USDCHF Outlook Yesterday the USDCHF hit my long target at 1.0390, topped at 1.0399. CCI already in overbought area on daily chart, suggesting that the bullish power might have exhausted. My model is mixed with neutral bias. Eyes on co-relation with EURUSD. Immediate support is seen at 1.0330. Initial resistance at 1.0420. USDCHF Daily Supports and Resistances: S1= 1.0313 S2= 1.0245 S3= 1.0202 R1= 1.0424 R2= 1.0467 R3= 1.0535 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