Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Dec 18 08 03:17 GMT |

EURUSD Outlook As I had expected, yesterday the EURUSD continued it's bullish momentum. On my daily chart with the Fibonacci retracement projections, we can see how the current strong bullish momentum can easily break all resistance levels. The pair is now chasing 1.4609 as the next bullish target. CCI just cross the 100 line down on hourly chart suggesting a potential minor downside pressures testing 1.4350 and 1.4280 support levels. EURUSD Daily Supports and Resistances: S1= 1.4127 S2= 1.3853 S3= 1.3698 R1= 1.4556 R2= 1.4711 R3= 1.4985 GBPUSD Outlook Yesterday the GBPUSD further bullish momentum was rejected. The pair attempted to push higher, topped at 1.5722 but whipsawed to the downside, bottomed at 1.5247 and closed higher at 1.5514. The bias should remains very bullish. On 4h chart, 1.5506 resistance seem to be an important level at this phase. A consistent movement above that level would trigger further bullish momentum. A cross of the CCI 100 line up on 4h chart should support the bullish view and could provide us with good long trade opportunities. GBPUSD Daily Supports and Resistances: S1= 1.5266 S2= 1.5019 S3= 1.4791 R1= 1.5741 R2= 1.5969 R3= 1.6216 USDJPY Outlook After break the double bottom formation on hourly chart, yesterday the USDJPY continued it's bearish momentum. The pair bottomed at 87.13 and closed at 87.33. The bias remains very bearish targeting 86.15 area. CCI just cross -100 line up on hourly chart suggesting a potential minor upside pressures testing 88.11 and 88.60 resistance levels. USDJPY Daily Supports and Resistances: S1= 86.57 S2= 85.81 S3= 84.49 R1= 88.65 R2= 89.97 R3= 90.73 USDCHF Outlook The USDCHF continued it's bearish momentum yesterday. The pair hit my bearish target at 1.0898 even further, bottomed at 1.0712. On daily chart, looks like we have a double bottom formation at 1.0690 level, the huge downside pressures we have seen lately could break the formation easily. Once the formation break to the downside, the pair will strongly gain further bearish momentum targeting 1.0016 area. CCI just cross the -100 line up on hourly chart suggesting a minor upside pressures testing 1.0816 and 1.0898 resistance levels. USDCHF Daily Supports and Resistances: S1= 1.0550 S2= 1.0365 S3= 1.0019 R1= 1.1081 R2= 1.1427 R3= 1.1612 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