Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jan 13 09 02:57 GMT |

EURUSD Outlook The EURUSD continued it's bearish momentum yesterday. The pair bottomed at 1.3289 but failed to closed below the key level 1.3300. I am expecting another downside pressures today. The scenario remains the same. A consistent move below 1.3300 area could lead to further weakness for the Euro towards 1.3150 and 1.2970 area. Immediate support is seen at 1.3465. CCI just cross -100 line down on hourly chart suggesting a potential downside pressures. EURUSD Daily Supports and Resistances: S1= 1.3280 S2= 1.3198 S3= 1.3107 R1= 1.3453 R2= 1.3544 R3= 1.3626 GBPUSD Outlook As I had expected, the GBPUSD also continued it's bearish momentum yesterday. The pair bottomed at 1.4802 and closed at 1.4814. The bias remains bearish. A break below key level 1.4750 could trigger further bearish momentum targeting 1.4550 area. Immediate resistance is seen at 1.4845 followed by 1.4895. CCI just cross -100 line down on hourly chart suggesting a potential downside pressures. GBPUSD Daily Supports and Resistances: S1= 1.4706 S2= 1.4598 S3= 1.4394 R1= 1.5018 R2= 1.5222 R3= 1.5330 USDJPY Outlook As I had expected, the USDJPY made another bearish momentum on yesterday. The pair hit my short target at 89.00, bottomed at 88.88 and closed at 89.34. The bias remains bearish targeting 88.05 area. CCI in oversold area and heading up on 4h chart so watch out for a potential minor upside pressures testing 89.60 and 90.00 resistance area. Initial support at 88.90. USDJPY Daily Supports and Resistances: S1= 88.73 S2= 88.12 S3= 87.37 R1= 90.09 R2= 90.84 R3= 91.45 USDCHF Outlook The USDCHF didn't make a significant movement yesterday. The bullish power seems very limited now and 1.1276 level could be a potential strong resistance at this phase. However the bullish scenario still intact and I am expecting another bullish attempt today. Immediate support is seen at 1.1100 followed by 1.1000. USDCHF Daily Supports and Resistances: S1= 1.1079 S2= 1.1015 S3= 1.0934 R1= 1.1224 R2= 1.1305 R3= 1.1369 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