Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Oct 21 08 01:53 GMT |

EURUSD Outlook The EURUSD attempted to push higher yesterday, topped at 1.3530, but failed to maintain the bullish momentum, whipsawed to the downside, bottomed at 1.3287 and closed at 1.3330. My model remains mixed with downside bias. From a longer point of view, the pair is now should testing again the main support at 1.3258 (10/10 2008 low). A break to the downside from that support level could trigger further bearish scenario towards 1.3108 area. CCI in oversold area and heading up towards -100 line suggesting a potential upside correction testing 1.3380 then 1.3435 resistance levels. EURUSD Daily Supports and Resistances: S1= 1.3234 S2= 1.3139 S3= 1.2991 R1= 1.3477 R2= 1.3625 R3= 1.3720 GBPUSD Outlook The GBPUSD failed to maintain it’s bullish momentum yesterday. After break out to the upside from ranging area (1.7350 and 1.7150), the pair topped at 1.7516, the pair quickly fell to the downside, bottomed at 1.7103 and closed at 1.7151. The bullish channel on 4h chart is violated to the downside. My model is mixed with downside bias. Immediate support is seen at 1.7090 followed by 1.6960. CCI in oversold area and heading up suggesting a potential upside correction testing 1.7265 resistance level. GBPUSD Daily Supports and Resistances: S1= 1.6997 S2= 1.6843 S3= 1.6584 R1= 1.7410 R2= 1.7669 R3= 1.7823 USDJPY Outlook The USDJPY was traded softly higher yesterday. The pair topped at 102.41 and closed at 102.10. We still have a bullish channel on hourly and 4h chart. As long as these channel is not violated to the downside, the bias is up. It looks like there are some downside pressures early today in Asian market, testing the trend line (channel) support around 101.60. A violation to the bullish channel should change my model to neutral or even downside bias. Initial resistance at 102.40 followed by 102.80. CCI in neutral area and heading down both on hourly and 4h chart suggesting a potential downside pressures. USDJPY Daily Supports and Resistances: S1= 101.49 S2= 100.88 S3= 100.42 R1= 102.56 R2= 103.02 R3= 103.63 USDCHF Outlook The Swiss Franc slumped against Greenback yesterday. The pair topped at 1.1522 and closed at 1.1505. My model goes long targeting 1.1620. Immediate support is seen at 1.1440 followed by 1.1404. CCI about to cross 100 line up on daily chart suggesting a potential bullish view. USDCHF Daily Supports and Resistances: S1= 1.1377 S2= 1.1249 S3= 1.1177 R1= 1.1577 R2= 1.1649 R3= 1.1777 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