Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Oct 30 08 01:40 GMT |

EURUSD Outlook The EURUSD continued it's bullish momentum yesterday. The pair topped at 1.2991 and closed at 1.2951. Early today in Asian session the pair was traded higher around 1.3060 at the time I wrote this comment. This fact should open the door for a further upside correction scenario towards 1.3200 (23.6% Fibonacci retracement from 1.6038 to 1.2333). My model is mixed with upside bias. Immediate support is seen at 1.2920 followed by 1.2810. CCI just cross -100 line up on daily chart suggesting a potential bullish view. EURUSD Daily Supports and Resistances: S1= 1.2720 S2= 1.2489 S3= 1.2354 R1= 1.3086 R2= 1.3221 R3= 1.3452 GBPUSD Outlook The Sterling also continued it's recovery against Greenback yesterday. The pair topped at 1.6474 and closed at 1.6360. This fact should trigger further upside correction scenario towards 1.7113 (38.2% Fibonacci retracement from 2.0158 to 1.5262). My model is mixed with upside bias. Immediate resistance is seen at 1.6560 followed by 1.6775. CCI just cross -100 line up on daily chart suggesting a potential bullish view. GBPUSD Daily Supports and Resistances: S1= 1.5601 S2= 1.5182 S3= 1.4964 R1= 1.6238 R2= 1.6456 R3= 1.6875 USDJPY Outlook The USDJPY bullish momentum seemed to lose power yesterday. The pair bottomed at 96.07 but closed higher at 97.39. However, early today in Asian session there are some upside pressures as the pair was traded higher around 98.75 at the time I wrote this comment. My model is mixed with upside bias. Immediate support is seen at 97.10. Initial resistance at 99.68. CCI just cross 100 line up on 4h chart suggesting a potential upside pressures. USDJPY Daily Supports and Resistances: S1= 96.15 S2= 94.91 S3= 93.75 R1= 98.55 R2= 99.71 R3= 100.95 USDCHF Outlook The Greenback slumped against Swiss Franc yesterday. The pair bottomed at 1.1251 and closed at 1.1304. This fact should trigger further downside correction towards 1.0090 area. My model is mixed with downside bias. Immediate resistance is seen at 1.1340. Initial support at 1.1205 followed by 1.1158. CCI heading down towards -100 line on daily chart suggesting some downside pressures. USDCHF Daily Supports and Resistances: S1= 1.1175 S2= 1.1047 S3= 1.0843 R1= 1.1507 R2= 1.1711 R3= 1.1839 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