Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Dec 01 08 03:09 GMT |

EURUSD Outlook After broke the descending triangle formation to the downside, the EURUSD continued it's bearish momentum on Friday. The pair bottomed at 1.2646 and closed at 1.2690. The bias is on the downside, targeting 1.2430 area. CCI in oversold area and heading up on 4h chart so watch out for a minor upside corrections testing 1.2740 and 1.2800 resistance levels. EURUSD Daily Supports and Resistances: S1= 1.2571 S2= 1.2453 S3= 1.2260 R1= 1.2882 R2= 1.3075 R3= 1.3193 GBPUSD Outlook The GBPUSD failed to maintain it's bullish momentum on Friday. The bullish price channel on 4h chart is violated to the downside. This fact force my model to mixed with downside bias. The key level at this phase is the support level at 1.5260. A break to the downside from that level could trigger further bearish scenario. CCI heading down towards 100 line on 4h chart suggesting a potential downside pressures. Immediate resistance is seen at at 1.5400 area. GBPUSD Daily Supports and Resistances: S1= 1.5269 S2= 1.5169 S3= 1.5080 R1= 1.5458 R2= 1.5547 R3= 1.5647 USDJPY Outlook The USDJPY made another choppy market on Friday. The pair seems to move in ranging area of 95.95 and 95.00. A breakout from the ranging area could give us a clearer direction. My model remains mixed with downside bias. CCI in neutral area and heading down both on hourly and 4h chart suggesting a potential downside pressures. USDJPY Daily Supports and Resistances: S1= 95.19 S2= 94.86 S3= 94.59 R1= 95.79 R2= 96.06 R3= 96.39 USDCHF Outlook The USDCHF continued it's bullish momentum on Friday. The pair topped at 1.2198 and closed at 1.2134. The bias is on the upside. However, CCI in overbought area and heading down on 4h chart so watch out for a minor downside corrections testing 1.2060 and 1.2013 support levels. Initial resistance at 1.2195 followed by 1.2296. USDCHF Daily Supports and Resistances: S1= 1.1996 S2= 1.1859 S3= 1.1758 R1= 1.2234 R2= 1.2335 R3= 1.2472 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