Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Dec 23 08 02:28 GMT |

EURUSD Outlook The EURUSD attempted to push higher yesterday, topped at 1.4124 but further bullish momentum was rejected as the pair closed lower at 1.3940, formed a Doji candlestick formation on daily chart. On hourly chart we can see that the pair moved in rectangle formation which is a consolidation/continuation pattern. The bias is bearish. A break below 1.3903 level could also be considered as a break of the rectangle formation, could trigger further bearish momentum targeting 1.3750 and 1.3575 area. Immediate resistance is seen at 1.4050 followed by 1.4124 (yesterday's high). CCI just cross 100 line down on daily chart suggesting a potential downside pressures. EURUSD Daily Supports and Resistances: S1= 1.3854 S2= 1.3768 S3= 1.3633 R1= 1.4075 R2= 1.4210 R3= 1.4296 GBPUSD Outlook The GBPUSD continued it's bearish scenario yesterday. The pair bottomed at 1.4686 and closed at 1.4820. The bias remains bearish and still targeting 1.4550 area. On daily chart we can see that the pair is moving in rectangle formation, which is a consolidation/continuation of the current bearish outlook. A break below 1.4685 could also be considered as a break of the rectangle formation could trigger further bearish momentum. CCI just cross -100 line up on 4h chart suggesting a potential minor upside pressures testing 1.4950 resistance area. GBPUSD Daily Supports and Resistances: S1= 1.4674 S2= 1.4528 S3= 1.4370 R1= 1.4978 R2= 1.5136 R3= 1.5282 USDJPY Outlook The USDJPY was traded higher yesterday. The pair topped at 90.49 and closed at 90.23. We have a bullish price channel on hourly chart and a rectangle formation. CCI just cross -100 line up on daily chart. These facts should support the bullish scenario in nearest term. CCI in overbought area and about to cross 100 line down on hourly chart suggesting a potential downside pullback testing 89.50 support level. Initial resistance at 90.49 (yesterday's high). A break above that level could trigger further bullish momentum towards 91.90 area. USDJPY Daily Supports and Resistances: S1= 89.49 S2= 88.75 S3= 88.25 R1= 90.73 R2= 91.23 R3= 91.97 USDCHF Outlook Further bullish scenario was rejected yesterday. The pair bottomed at 1.0880 and closed at 1.0923. The bullish channel on hourly chart is violated to the downside and the pair is making a rectangle formation, traded between 1.1026 and 1.0880 ranging area. The bias is neutral in nearest term, but still bullish in longer term. A break from the rectangle formation should give us a clearer direction. CCI in neutral area both on hourly and 4h chart. USDCHF Daily Supports and Resistances: S1= 1.0854 S2= 1.0785 S3= 1.0690 R1= 1.1018 R2= 1.1113 R3= 1.1182 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