Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Oct 23 08 01:45 GMT |

EURUSD Outlook The EURUSD continued it's bearish momentum yesterday. The pair hit my short target at 1.2875, even further, bottomed at 1.2737 and closed at 1.2826. This is the lowest price of the Euro since November 2006 (See the chart) at 1.2681. Monthly CCI study show that CCI just cross -100 line down, suggesting a potential bearish continuation and could be a further bearish scenario towards 1.2139 which is 50 % Fibonacci retracement from 0.8225 to 1.6038. Immediate resistance is seen at 1.2875 followed by 1.2942. EURUSD Daily Supports and Resistances: S1= 1.2683 S2= 1.2540 S3= 1.2343 R1= 1.3023 R2= 1.3220 R3= 1.3363 GBPUSD Outlook The GBPUSD also continued it's bearish momentum yesterday. After broke the main support level at 1.6543 the pair bottomed at 1.6134 and closed at 1.6220. My model is short targeting 1.5933. CCI in oversold area and heading up suggesting a potential upside correction testing 1.6340 resistance level. GBPUSD Daily Supports and Resistances: S1= 1.5997 S2= 1.5774 S3= 1.5415 R1= 1.6579 R2= 1.6938 R3= 1.7161 USDJPY Outlook The USDJPY continued it's bearish momentum yesterday. The pair bottomed at 97.21 and closed at 97.97. The current bearish momentum should open the door towards 95.73 as the next bearish target. Immediate resistance is seen at 98.30. CCI in oversold area and heading up on 4h chart so watch out for minor upside corrections. USDJPY Daily Supports and Resistances: S1= 96.60 S2= 95.23 S3= 93.25 R1= 99.95 R2= 101.93 R3= 103.30 USDCHF Outlook The USDCHF continued it's bullish momentum yesterday. The pair topped at 1.1710 and closed at 1.1644. My model goes long targeting 1.1855. CCI just cross 100 line down on 4h chart suggesting a potential bearish correction testing 1.1580 and 1.1540 support levels. USDCHF Daily Supports and Resistances: S1= 1.1529 S2= 1.1414 S3= 1.1324 R1= 1.1734 R2= 1.1824 R3= 1.1939 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