Daily Technical Analysis

Daily Forex Technicals |  Written by FX Instructor |  Oct 07 08 03:11 GMT |  

EURUSD Outlook

Yesterday the EURUSD continued it's bearish momentum. The pair hit my short target at 1.3530, even further, bottomed at 1.3442 and closed at 1.3486. From a long term point of view at weekly chart, the pair is now testing major long term support at 1.3338 as the new bearish target. My model remains short. CCI in oversold area on 4h chart and heading up suggesting a potential upside correction testing 1.3560 and 1.3644 resistance levels.

EURUSD Daily Supports and Resistances:

S1= 1.3392
S2= 1.3299
S3= 1.3156
R1= 1.3886
R2= 1.4000
R3= 1.4093
GBPUSD Outlook

After a minor recovery on Friday, yesterday the GBPUSD continued it's bearish scenario. The pair hit my short targets at 1.7551 and 1.7451, even further bottomed at 1.7335. My model remains short targeting 1.7215. CCI just cross -100 line down both on daily and weekly chart suggesting a potential bearish view. Immediate resistance is seen at 1.7494.

GBPUSD Daily Supports and Resistances:

S1= 1.7280
S2= 1.7128
S3= 1.6921
R1= 1.7639
R2= 1.7846
R3= 1.7998
USDJPY Outlook

The Greenback suffered huge losses against Japanese Yen yesterday. The pair moved almost 500 pips, bottomed at 100.22 and closed at 101.52. Early today in Asian market the pair was corrected higher around 101.90 at the time I wrote this comment. My model is mixed with downside bias. Immediate resistance is seen at 102.20 followed by 102.80. Initial support at 101.26. CCI in extreme oversold area both on daily and weekly chart suggesting a potential upside correctional move.

USDJPY Daily Supports and Resistances:

S1= 99.44
S2= 97.35
S3= 94.48
R1= 104.38
R2= 107.25
R3= 109.33
USDCHF Outlook

The USDCHF continued it's bullish momentum yesterday. The pair topped at 1.1485 and closed at 1.1480. My model is long targeting 1.1580. CCI just cross 100 line up on both daily and weekly chart suggesting a potential bullish view. Immediate support is seen at 1.1412. followed by 1.1360.

USDCHF Daily Supports and Resistances:

S1= 1.1340
S2= 1.1200
S3= 1.1128
R1= 1.1552
R2= 1.1624
R3= 1.1764

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