Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jan 19 09 01:39 GMT |

EURUSD Outlook The EURUSD was corrected higher on Friday. The pair topped at 1.3343 and closed at 1.3266. We have about 80 pips gap today as the market opened higher at 1.3349. On both hourly and 4h chart we have a minor bullish channel. The bias is bullish in nearest term testing the 1.3530 resistance area but the bearish scenario in longer term is still intact. Initial support at 1.3250. CCI just cross -100 line up on daily chart suggesting a potential upside pressure. EURUSD Daily Supports and Resistances: S1= 1.3153 S2= 1.3041 S3= 1.2946 R1= 1.3360 R2= 1.3455 R3= 1.3567 GBPUSD Outlook The GBPUSD attempted to push higher on Friday. The pair topped at 1.4979 but further bullish momentum was rejected as the pair closed lower at 1.4732. However early today in Asian session the pair was opened higher at 1.4867 which means we have more than 100 pips gap. The bias is neutral in nearest term but the bearish scenario in longer term is still intact. The key level at this phase is 1.5000 psychological resistance. A break above that resistance could trigger further weakness for the Greenback. CCI just cross the 100 line up on 4h chart suggesting a potential upside pressure. GBPUSD Daily Supports and Resistances: S1= 1.4591 S2= 1.4450 S3= 1.4256 R1= 1.4926 R2= 1.5120 R3= 1.5261 USDJPY Outlook The USDJPY continued it's bullish momentum yesterday. The pair hit my long target at 90.80, topped at 90.89 and closed at 90.71. The bias remains bullish in nearest term targeting 91.75. CCI in overbought area and heading down on hourly chart so watch out for a potential downside pressure testing support area at 90.50 followed by 89.50. USDJPY Daily Supports and Resistances: S1= 90.06 S2= 89.41 S3= 89.00 R1= 91.12 R2= 91.53 R3= 92.18 USDCHF Outlook The USDCHF didn't make a significant movement on Friday. The pair seem to move in rectangle formation between 1.1285 and 1.1100 area indicating a consolidation phase. The bias is neutral in nearest term. A break from the rectangle formation should give us a clearer direction. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure. USDCHF Daily Supports and Resistances: S1= 1.1119 S2= 1.1049 S3= 1.0990 R1= 1.1248 R2= 1.1307 R3= 1.1377 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