Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Aug 01 08 02:39 GMT |

EURUSD Outlook Yesterday the EURUSD attempted to go higher, topped at 1.5700 (50% area of Fibonacci retracement from 1.5343 to 1.6038), but fell sharply and closed at 1.5597. The market seem to still believe that the positive view on Greenback is not over yet. My model is mixed with neutral bias. We have a negative forecast on US NFP data today on the fundamental side (-75 K against previous – 62 K). If the actual number is the same or worse than the forecast, the EURUSD should be in the same direction with current technical view, that the pair is oversold and need an upside pullback. Immediate support is seen at 1.5520. Initial resistance at 1.5610. CCI in oversold area on daily chart. EURUSD Daily Supports and Resistances: S1= 1.5544 S2= 1.5491 S3= 1.5413 R1= 1.5675 R2= 1.5753 R3= 1.5806 GBPUSD Outlook Yesterday the GBPUSD made a similar movement with EURUSD. The pair topped at 1.9929 and closed lower at 1.9833. My model remains mixed with downside bias. Immediate support is seen at 1.9780. Initial resistance at 1.9845. Eyes on US NFP data today. CCI heading down towards -100 line on daily chart. GBPUSD Daily Supports and Resistances: S1= 1.9765 S2= 1.9698 S3= 1.9616 R1= 1.9914 R2= 1.9996 R3= 2.0063 USDJPY Outlook The Japanese Yen was traded stronger against Greenback yesterday as the pair already overbought. The pair bottomed at 107.56 and closed at 107.84. My model is mixed with downside bias. Immediate support is seen at 107.65 followed by 107.25. CCI just cross 100 line down on daily chart, suggesting a potential bearish view. Eyes on US NFP data today. USDJPY Daily Supports and Resistances: S1= 107.47 S2= 107.11 S3= 106.66 R1= 108.28 R2= 108.73 R3= 109.09 USDCHF Outlook Yesterday the USDCHF attempted to go lower, bottomed at 1.0402, but closed higher at 1.0475. My model is mixed with neutral bias. Immediate support is seen at 1.0440 followed by 1.0402. Eyes on US NFP data today. CCI in overbought area on daily chart. USDCHF Daily Supports and Resistances: S1= 1.0419 S2= 1.0364 S3= 1.0326 R1= 1.0512 R2= 1.0550 R3= 1.0605 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