Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jul 28 08 03:38 GMT |

EURUSD Outlook The Euro had a minor recovery against Greenback on Friday. The pair topped at 1.5752 and closed at 1.5709. Is this the sign of the end of correctional downside wave, and ready to bring the pair back to it's bullish trend? In my opinion, the pair need to stay consistently above 1.5750 area (38.2% Fibonacci retracement from 1.5302 to 1.6038). A failure to do so could trigger another downside movement. CCI just cross the 100 line up on daily chart, suggesting a potential bullish view. EURUSD Daily Supports and Resistances: S1= 1.5662 S2= 1.5616 S3= 1.5571 R1= 1.5753 R2= 1.5798 R3= 1.5844 GBPUSD Outlook The Sterling recovered against Greenback on Friday. The pair topped at 1.9977 and closed at 1.9915. If we look at daily chart, the pair always made lower highs in last 4 days. My model remains mixed with downside bias. The key level in this phase is 1.9816. A break lower could trigger further bearish view. Immediate support is seen at 1.9860. Initial resistance at 1.9977 (Friday's high). CCI in neutral area on daily chart. GBPUSD Daily Supports and Resistances: S1= 1.9837 S2= 1.9760 S3= 1.9690 R1= 1.9984 R2= 2.0054 R3= 2.0131 USDJPY Outlook Friday, the USDJPY attempted to go lower in Asian market, bottomed at 106.56, but the pair whipsawed to the upside very quickly, topped at 107.94 and closed at 107.83. My model is mixed with no trading zone. Immediate support is seen at 107.50 followed by 107.15. Initial resistance at 108.20. CCI in overbought area on daily chart. USDJPY Daily Supports and Resistances: S1= 106.94 S2= 106.06 S3= 105.56 R1= 108.32 R2= 108.82 R3= 109.70 USDCHF Outlook Yesterday, the USDCHF made indecisive movement by open and closed at almost the same price (1.0362 and 1.0360). My model remains short, still targeting 1.0250. Immediate resistance is seen at 1.0402. CCI in overbought area on daily chart. USDCHF Daily Supports and Resistances: S1= 1.0314 S2= 1.0268 S3= 1.0222 R1= 1.0406 R2= 1.0452 R3= 1.0498 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