Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Nov 12 08 03:05 GMT |

EURUSD Outlook After breakout to the downside from the triangle formation, the EURUSD continued it’s bearish scenario yesterday. The pair bottomed at 1.2505 and closed at 1.2511. Early today in Asian market the pair was corrected higher, traded around 1.2580 at the time I wrote this comment.The main bias should stay bearish targeting 1.2400 then 1.2333 area. CCI just cross -100 line down on daily chart suggesting a potential bearish view. However, CCI in oversold area and heading up both on hourly and 4h chart so watch out for an upside corrections testing 1.2650 resistance level. EURUSD Daily Supports and Resistances: S1= 1.2410 S2= 1.2310 S3= 1.2115 R1= 1.2705 R2= 1.2900 R3= 1.3000 GBPUSD Outlook The GBPUSD also continued it’s bearish momentum yesterday. The pair bottomed at 1.5360 and closed at 1.5378. This fact should keep the bearish scenario intact, testing 1.5262 again. CCI just cross -100 line down on daily chart suggesting a potential bearish view. However CCI already in oversold area and heading up on 4h chart so we might have some upside corrections testing 1.5486 and 1.5602 resistance levels. GBPUSD Daily Supports and Resistances: S1= 1.5258 S2= 1.5138 S3= 1.4916 R1= 1.5600 R2= 1.5822 R3= 1.5942 USDJPY Outlook The USDJPY was traded softly lower yesterday. The pair bottomed at 97.30 and closed at 97.60. Early today in Asian market the pair attempted to push lower but further downside momentum was rejected and the bearish power seemed limited . My model is mixed with upside bias in nearest term but neutral in longer term. Immediate support is seen at 97.15. Initial resistance at 98.30. CCI just cross -100 line up on hourly chart suggesting a potential upside pressures. USDJPY Daily Supports and Resistances: S1= 97.17 S2= 96.74 S3= 96.18 R1= 98.16 R2= 98.72 R3= 99.15 USDCHF Outlook The USDCHF continued it’s bullish scenario yesterday. The pair topped at 1.1876 and closed at 1.1874. Early today in Asian session the pair was corrected higher, traded around 1.1835 at the time I wrote this comment. My model remains mixed with upside bias. However CCI already in overbought area and heading down on 4h chart suggesting a potential downside pressures. Immediate support is seen at 1.1790 followed by 1.1710. Initial resistance at 1.1900 followed by 1.2000. USDCHF Daily Supports and Resistances: S1= 1.1772 S2= 1.1670 S3= 1.1618 R1= 1.1926 R2= 1.1978 R3= 1.2080 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