Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Dec 10 08 03:25 GMT |

EURUSD Outlook The EURUSD made indecisive movement yesterday. The pair attempted to push lower, bottomed at 1.2799 but further bearish momentum was rejected as the pair whipsawed to the upside, hit the top at 1.3000 and closed at 1.2924. After break the former triangle formation on 4h the pair is now have a new bullish channel. Although the market seem to have some hesitations lately, the Hammer candlestick formation seen on 4h chart suggesting that we might have another potential bullish momentum in nearest term testing 1.3052 and then 1.3217 area. Immediate support is seen at 1.2895 followed by 1.2800. EURUSD Daily Supports and Resistances: S1= 1.2815 S2= 1.2706 S3= 1.2614 R1= 1.3016 R2= 1.3108 R3= 1.3217 GBPUSD Outlook The GBPUSD failed to maintain it's bullish momentum yesterday. The pair bottomed at 1.4679 and closed at 1.4755. We have a triangle formation on 4h chart suggesting that the pair is in consolidation phase. I would like to remind us about the Hammer and Doji candlestick formation appeared on 12/04/2008 (Thursday) and 12/05/2008 (Friday) on daily chart should still be a warning of a potential bullish reversal. A break from the triangle formation could provide us some trade opportunities. Immediate support is seen at 1.4679 (yesterday's low). Initial resistance at 1.4830. A break above that level could trigger further bullish momentum towards 1.5050 area. CCI in neutral area on 4h chart. GBPUSD Daily Supports and Resistances: S1= 1.4656 S2= 1.4558 S3= 1.4437 R1= 1.4875 R2= 1.4996 R3= 1.5094 USDJPY Outlook The USDJPY was traded lower yesterday. The pair break to the downside from ranging area (93.60-92.50), bottomed at 91.93 and closed at 92.30. However there are some upside pressures early today in Asian session as the pair was traded higher around 92.50 at the time I wrote this comment. We have a bearish channel on 4h chart, but CCI just cross -100 line up both on 4h and daily chart suggesting a potential upside pressures. Immediate support is seen at 91.93 (yesterday's low). Initial resistance at 92.75. A break above that level could trigger further bullish momentum towards 93.50 area. USDJPY Daily Supports and Resistances: S1= 91.80 S2= 91.30 S3= 90.68 R1= 92.92 R2= 93.54 R3= 94.04 USDCHF Outlook The USDCHF made indecisive movement yesterday by opened and closed at almost the same price (1.2049 and 1.2051). We have a longer bearish candlestick following 2 Hanging Man formation on weekly chart suggesting a potential bearish reversal scenario. This fact is also supported by weekly CCI in overbought area and heading down on weekly chart. The bias is on the downside. Immediate resistance is seen at 1.2080 followed by 1.2150. Initial support at 1.2000. A break below that level could trigger further bearish momentum towards 1.1820 area. USDCHF Daily Supports and Resistances: S1= 1.1979 S2= 1.1908 S3= 1.1810 R1= 1.2148 R2= 1.2246 R3= 1.2317 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