Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Sep 23 08 03:37 GMT |

EURUSD Outlook The Greenback suffered huge losses of more than 400 pips yesterday. The EURUSD topped at 1.4867 and closed at 1.4796. From a longer term view on weekly chart we have an interesting fact that after failed to break 1.3850 support level (50% Fibonacci retracement from 1.1639 to 1.6038) the pair bounced to the upside and now heading towards 1.5015 area (23.6 % Fibonacci Retracement) as the next bullish target. CCI just cross -100 line up on weekly chart suggesting a potential bullish view. The bias is on the upside. CCI in overbought area in all 3 time frames (hourly, 4h, daily) so we might have minor pressure to the downside testing 1.4750 and 1.4695 support areas. EURUSD Daily Supports and Resistances: S1= 1.4532 S2= 1.4268 S3= 1.4101 R1= 1.4963 R2= 1.5130 R3= 1.5394 GBPUSD Outlook The GBPUSD also continued it's bullish momentum yesterday. The pair topped at 1.8640 and closed at 1.8580. The bias is on the upside targeting 1.8790 area. Immediate support is seen at 1.8505 followed by 1.8462. CCI in overbought area in all 3 time frames (hourly, 4h, daily) so watch out for a minor downside risks. GBPUSD Daily Supports and Resistances: S1= 1.8348 S2= 1.8117 S3= 1.7971 R1= 1.8725 R2= 1.8871 R3= 1.9102 USDJPY Outlook The Greenback slumped against the Japanese Yen yesterday. The USDJPY bottomed at 105.14 and closed at 105.42. My model goes short targeting 104.40. immediate resistance is seen at 105.80. CCI heading down towards -100 line suggesting a potential bearish view. USDJPY Daily Supports and Resistances: S1= 104.65 S2= 103.89 S3= 102.64 R1= 106.66 R2= 107.91 R3= 108.67 USDCHF Outlook The Swiss Franc also traded stronger against Greenback yesterday. The pair bottomed at 1.0688 and closed at 1.0726. The pair need to consistently move below 1.0720 area to keep this bearish momentum intact. My model is mixed with downside bias. Immediate resistance is seen at 1.0760 followed by 1.0802. CCI in oversold area in all 3 time frames so watch out for a minor downside risks. USDCHF Daily Supports and Resistances: S1= 1.0592 S2= 1.0459 S3= 1.0230 R1= 1.0954 R2= 1.1183 R3= 1.1316 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