Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Dec 22 08 02:41 GMT |

EURUSD Outlook After break the rectangle formation to the downside on hourly chart, the EURUSD had a bearish momentum on Friday. The pair bottomed at 1.3826 and closed at 1.3907. We had a bearish price channel on hourly chart. However early today in Asian session the bearish channel has been violated to the upside. The bias is neutral in nearest term but we are still intact with bearish outlook in medium term targeting 1.3750 area. CCI just cross the -100 line up on 4h chart suggesting a potential upside pressures testing 1.4050 and 1.4182 resistance area. EURUSD Daily Supports and Resistances: S1= 1.3719 S2= 1.3531 S3= 1.3236 R1= 1.4202 R2= 1.4497 R3= 1.4685 GBPUSD Outlook The GBPUSD continued it's bearish scenario on Friday. The pair bottomed at 1.4810 but closed higher at 1.4927. The bias remains bearish in longer term targeting 1.4550. However CCI about to cross -100 line up on 4h chart suggesting a potential upside pressures testing 1.5040 and 1.5190 resistance area. Immediate support is seen at 1.4750. GBPUSD Daily Supports and Resistances: S1= 1.4762 S2= 1.4598 S3= 1.4386 R1= 1.5138 R2= 1.5350 R3= 1.5514 USDJPY Outlook The USDJPY didn't make significant movement yesterday. On hourly chart we can see that the pair moves in ranging area between 90.00 and 88.40. I am expecting to another choppy market today. The bias bearish in nearest term but neutral in longer term. CCI in overbought area and heading down on hourly chart suggesting a potential downside pressures. USDJPY Daily Supports and Resistances: S1= 88.54 S2= 87.77 S3= 87.12 R1= 89.96 R2= 90.61 R3= 91.38 USDCHF Outlook The Hammer candlestick formation on daily chart that I showed on Thursday gave us a valid bullish reversal warning. The pair topped at 1.1130 and closed at 1.1035. The bias remains bullish targeting 1.1331. Immediate support is seen at 1.0950 followed by 1.0850. CCI in neutral area both on hourly and 4h chart. USDCHF Daily Supports and Resistances: S1= 1.0806 S2= 1.0578 S3= 1.0416 R1= 1.1196 R2= 1.1358 R3= 1.1586 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