Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Oct 31 08 01:55 GMT |

EURUSD Outlook The EURUSD attempted to push higher yesterday. After broke the 1.3200 resistance (23.6 Fibo from 1.6038 to 1.2333), the pair topped at 1.3289, but further bullish correction was rejected as the pair quickly fell, hit the bottom at 1.2804 and closed at 1.2875. Although I think we might see another bullish attempt, this upside rejection should keep the bearish scenario intact. My model is mixed with downside bias. Immediate resistance is seen at 1.3006. Initial support at 1.2735 followed by 1.2590. EURUSD Daily Supports and Resistances: S1= 1.2686 S2= 1.2498 S3= 1.2192 R1= 1.3180 R2= 1.3486 R3= 1.3674 GBPUSD Outlook The GBPUSD failed to maintain bullish momentum yesterday. The pair attempted to push higher, topped at 1.6670 but closed lower at 1.6371. This upside failure should keep the major bearish scenario intact, but in this volatile market we might see another bullish attempt as CCI also in oversold area on weekly and monthly chart. My model is mixed with downside bias. Immediate resistance is seen at 1.6408. Initial support at 1.6215 followed by 1.6035. GBPUSD Daily Supports and Resistances: S1= 1.6164 S2= 1.5957 S3= 1.5704 R1= 1.6624 R2= 1.6624 R3= 1.7084 USDJPY Outlook The USDJPY continued it’s bullish correction yesterday. The pair topped at 99.14 and closed at 98.63. However the pair was traded lower early today in Asian session around 98.30 at the time I wrote this comment. My model is mixed with neutral bias in nearest term, but with upside bias in longer term. Immediate support is seen at 97.60 followed by 96.80. CCI in neutral area on daily chart. USDJPY Daily Supports and Resistances: S1= 97.58 S2= 96.54 S3= 95.76 R1= 99.40 R2= 100.18 R3= 101.22 USDCHF Outlook The USDCHF failed to maintain the bearish momentum yesterday. The pair topped at 1.1478 and closed at 1.1425. This fact should keep the major bullish scenario intact. Only a consistent move below 1.1250 could trigger further bearish corrections. Immediate support is seen at 1.1375 followed by 1.1325. Initial resistance at 1.1478 (yesterday’s high) followed by 1.1550. CCI in neutral area on daily chart. USDCHF Daily Supports and Resistances: S1= 1.1258 S2= 1.1092 S3= 1.0982 R1= 1.1534 R2= 1.1644 R3= 1.1810 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