Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Dec 05 08 01:57 GMT |

EURUSD Outlook Yesterday the EURUSD attempted to push lower, bottomed at 1.2552 but further bearish scenario was rejected as the pair whipsawed to the upside, topped at 1.2847 and closed at 1.2771. Like I said few days back, as long as the pair stay below 1.2850, the bearish scenario is still intact. On 4h chart we can see that the pair is now traded around the bearish trend line resistance area and CCI in overbought zone and heading down suggesting a potential downside pressures. Immediate support is seen at 1.2660. A break to the downside from that level could trigger further bearish momentum. Eyes on US NFP data today. EURUSD Daily Supports and Resistances: S1= 1.2599 S2= 1.2428 S3= 1.2304 R1= 1.2894 R2= 1.3018 R3= 1.3189 GBPUSD Outlook Yesterday the GBPUSD hit my bearish target at 1.4550, even further, bottomed at 1.4467. However the whipsawed to the upside, topped at 1.4813 and closed at 1.4687. The bias remains on the downside. Immediate resistance is seen at 1.4730. Initial support at 1.4550. Another movement below that support level could trigger further bearish scenario towards 1.4287 area. CCI about to cross -100 line down on 4h chart suggesting a potential downside pressures. Eyes on US NFP data today. GBPUSD Daily Supports and Resistances: S1= 1.4498 S2= 1.4309 S3= 1.4152 R1= 1.4844 R2= 1.5001 R3= 1.5190 USDJPY Outlook Yesterday we had a good example of how rectangle formation could be a good tool in our trading plan. Once again, after break the rectangle pattern to the downside, the pair made a further bearish movement. The pair bottomed at 92.06 and closed at 92.27. However there are some upside pressures early today in Asian session and CCI just cross -100 line up on hourly chart and in oversold area and heading up on 4h chart suggesting a potential upside corrections. Immediate resistance is seen at 92.50 followed by 92.90. Initial support at 92.06 (yesterday’s low) followed by 91.50. My model is neutral in nearest term considering oversold CCI on daily chart and yesterday’s low could be considered as double bottom formation with 27/10/2008 low at 92.05. USDJPY Daily Supports and Resistances: S1= 91.75 S2= 91.23 S3= 90.40 R1= 93.10 R2= 93.93 R3= 94.45 USDCHF Outlook Yesterday the USDCHF failed to maintain it’s bullish momentum. The pair break the bullish channel on hourly chart to the downside, bottomed at 1.1924 and closed at 1.1949. This fact force my model to go mixed with neutral bias in nearest term, but bullish scenario on longer term can not be said over yet. Immediate resistance is seen at 1.2005 followed by 1.2060 area. Initial support at 1.1890. CCI just cross -100 line up on hourly chart suggesting a potential upside pressures. USDCHF Daily Supports and Resistances: S1= 1.1853 S2= 1.1757 S3= 1.1591 R1= 1.2115 R2= 1.2281 R3= 1.2377 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