Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Aug 04 08 02:05 GMT |

EURUSD Outlook Friday the EURUSD attempted to continued it's bearish momentum on a better than expected US NFP. The pair bottomed at 1.5515 but the bearish momentum seems limited as the pair made an upside correction and closed at 1.5564. Although I believe the US Dollar positive view is going to continue in days ahead, we might see another upside correctional movement today as the pair already oversold. Immediate resistance is seen at 1.5610 followed by 1.5690. Initial support seen at 1.5515 (Friday's low). CCI in oversold area on daily chart. EURUSD Daily Supports and Resistances: S1= 1.5520 S2= 1.5476 S3= 1.5437 R1= 1.5603 R2= 1.5642 R3= 1.5686 GBPUSD Outlook The Sterling suffered losses against Greenback on a better than expected US NFP. The pair bottomed at 1.9726 and closed at 1.9751. I am expecting this bearish momentum continue today. My model goes short targeting 1.9665. Immediate resistance is seen at 1.9790 followed by 1.9820. CCI just cross -100 line on daily chart, suggesting a potential bearish view. GBPUSD Daily Supports and Resistances: S1= 1.9704 S2= 1.9658 S3= 1.9590 R1= 1.9818 R2= 1.9886 R3= 1.9932 USDJPY Outlook The bearish momentum of USDJPY continued on Friday although the bearish power was less than I had expected. The pair only moved 62 pips, bottomed at 107.27 and closed at 107.67. My model remains mixed with downside bias. Immediate resistance is seen at 107.75. Initial support is seen at 107.27 (Friday's low) followed by 106.50. CCI in neutral area on daily chart. USDJPY Daily Supports and Resistances: S1= 107.33 S2= 106.99 S3= 106.71 R1= 107.95 R2= 108.23 R3= 108.57 USDCHF Outlook Friday, The Swiss Franc was traded lower against Greenback on a better than expected US NFP. The pair topped at 1.0516 and closed at 1.0495, but this bullish momentum also seems limited right now. My model is mixed with neutral bias. Immediate resistance is seen at 1.0516 (Friday's low). Initial support at 1.0440. CCI in overbought area on daily chart. USDCHF Daily Supports and Resistances: S1= 1.0464 S2= 1.0433 S3= 1.0407 R1= 1.0521 R2= 1.0547 R3= 1.0578 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