Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jan 14 09 02:53 GMT |

EURUSD Outlook As I had expected, the EURUSD continued it's bearish momentum yesterday. After break the key level 1.3300 (which also a breakdown from descending triangle) the pair had a nice bearish momentum, bottomed at 1.3141 and closed at 1.3180. The bias remains bearish with 1.2970 as the next target. Immediate support is seen at 1.3140 area. A break below that support area could trigger further bearish momentum. CCI in oversold area and about to cross the -100 line up on 4h chart so watch out for a potential upside pressures testing 1.3300 and 1.3390 resistance area. EURUSD Daily Supports and Resistances: S1= 1.3090 S2= 1.3001 S3= 1.2861 R1= 1.3319 R2= 1.3459 R3= 1.3548 GBPUSD Outlook As I had expected, the GBPUSD also continued it's bearish momentum yesterday. The pair hit my short target at 1.4550 even further, bottomed at 1.4470 and closed at 1.4508. The bias remains bearish with 1.4355 as the next target. Immediate support is seen at 1.4465. A break below that support area could lead to further weakness for the cable. CCI just cross -100 line up on hourly chart suggesting a potential upside pressures testing 1.4650 and 1.4750 resistance area. GBPUSD Daily Supports and Resistances: S1= 1.4376 S2= 1.4244 S3= 1.4018 R1= 1.4734 R2= 1.4960 R3= 1.5092 USDJPY Outlook The USDJPY made indecisive movement yesterday. On daily chart we can see a Doji candlestick formation. On hourly chart we have a rectangle formation (89.88 – 88.80) after a significant bearish momentum indicating the pair is in consolidation phase. However the scenario should remains bearish. I am expecting a breakdown from the rectangle pattern and still targeting 88.05 area. A breakout to the upside from the rectangle would be seen as a neutral zone. CCI in neutral area both on hourly and 4h chart. USDJPY Daily Supports and Resistances: S1= 88.82 S2= 88.27 S3= 87.75 R1= 89.89 R2= 90.41 R3= 90.96 USDCHF Outlook The USDCHF made another indecisive movement yesterday and the 1.1276 resistance still hold. The bias should remains bullish with 1.1420 as the nearest target. Only a break below 1.1000 area would be a violation to the bullish scenario and bring the pair into neutral area. CCI about to cross -100 line down on hourly chart suggesting a potential downside pressures. USDCHF Daily Supports and Resistances: S1= 1.1134 S2= 1.1077 S3= 1.1019 R1= 1.1249 R2= 1.1307 R3= 1.1364 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