Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jan 21 09 02:23 GMT |

EURUSD Outlook The EURUSD continued it's bearish scenario yesterday. The pair bottomed at 1.2855 and closed at 1.2859. On 4h chart we can see that after breakdown the descending triangle pattern to the downside, the pair had a significant bearish momentum. The bias remains bearish and still targeting 1.2750. A break below that level could trigger another bearish scenario targeting 1.2550 area. CCI just cross the -100 line up on hourly chart so watch out for a minor upside correction testing 1.2920 and 1.3000 resistance area. EURUSD Daily Supports and Resistances: S1= 1.2774 S2= 1.2689 S3= 1.2524 R1= 1.3024 R2= 1.3189 R3= 1.3274 GBPUSD Outlook As I had expected, the GBPUSD had another bearish momentum yesterday. The pair hit my short target at 1.4080 even further, bottomed at 1.3829 and closed at 1.3871. On daily chart we can see that the pair break the descending triangle pattern to the downside indicating a significant weakness for the Cable. The bias remains bearish targeting 1.3700 area. CCI in oversold area and heading up on 4h chart so watch out for a minor upside correction testing 1.3975 and 1.4050 area. GBPUSD Daily Supports and Resistances: S1= 1.3652 S2= 1.3433 S3= 1.3038 R1= 1.4266 R2= 1.4661 R3= 1.4880 USDJPY Outlook After breakdown from the rectangle pattern, the USDJPY made another bearish momentum yesterday. The pair bottomed at 89.67 and closed at 89.72. The bias remains bearish targeting 88.90 area. CCI just cross the -100 line up on hourly chart so watch out for a minor upside correction testing 90.15 and 90.60 resistance area. USDJPY Daily Supports and Resistances: S1= 89.27 S2= 88.82 S3= 87.98 R1= 90.56 R2= 91.40 R3= 91.85 USDCHF Outlook The USDCHF made another bullish momentum yesterday. The pair topped at 1.1517 and closed at 1.1494. The bias remains bullish targeting 1.1650 area. Only a break below 1.1250 could be a potential violation to the current bullish outlook. Immediate support is seen at 1.1350 area. CCI in overbought area and heading down on 4h chart so watch out for a minor downside pressure. USDCHF Daily Supports and Resistances: S1= 1.1367 S2= 1.1240 S3= 1.1165 R1= 1.1569 R2= 1.1644 R3= 1.1771 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