Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jan 07 09 03:01 GMT |

EURUSD Outlook

As I had expected, EURUSD made another bearish momentum yesterday. The pair hit my short target at 1.3380 even further, bottomed at 1.3313 but closed higher at 1.3498. We have another descending triangle both on hourly 4h chart supporting the bearish scenario targeting 1.3250 and 1.3125 area. A break below 1.3300 could also be considered as a breakdown of the descending triangle and could trigger further bearish momentum. CCI just cross -100 line up on 4h chart so watch out for a minor upside correctional move testing 1.3550 and 1.3625 resistance area.

EURUSD Daily Supports and Resistances:

S1= 1.3321
S2= 1.3144
S3= 1.2976
R1= 1.3666
R2= 1.3834
R3= 1.4011

GBPUSD Outlook

After breakout from the rectangle formation yesterday, the GBPUSD made another bullish movement. The pair topped at 1.4992 and closed at 1.4907. The bias is bullish in nearest term testing 1.5250 resistance area but neutral in longer term. A break above 1.5000 psychological level could trigger further bullish momentum. CCI just cross 100 line down on hourly chart suggesting a potential downside pressures testing 1.4750 support area.

GBPUSD Daily Supports and Resistances:

S1= 1.4610
S2= 1.4314
S3= 1.4123
R1= 1.5097
R2= 1.5288
R3= 1.5584

USDJPY Outlook

The USDJPY attempted to push higher yesterday, topped at 94.61 but further bullish momentum was rejected as the pair whipsawed to the downside and closed lower at 93.43. The bias remains bullish. Initial resistance at 94.61 (yesterday's high). A break above that level could trigger further bullish scenario towards 95.40 area. CCI in overbought area on 4h chart suggesting a potential downside pressures testing 93.20 and 92.83 support area.

USDJPY Daily Supports and Resistances:

S1= 92.64
S2= 91.85
S3= 90.87
R1= 94.41
R2= 95.39
R3= 96.18

USDCHF Outlook

The USDCHF made a limited bullish movement yesterday. After break the 1.1122 resistance, the pair attempted to push higher, topped at 1.1277 but closed lower at 1.1162. The bias should remains bullish and still targeting 1.1410. CCI just cross 100 line down on 4h chart so watch out for a potential downside corrective pressures testing 1.1122 and 1.0950 support area.

USDCHF Daily Supports and Resistances:

S1= 1.1063
S2= 1.0965
S3= 1.0858
R1= 1.1268
R2= 1.1375
R3= 1.1473

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