Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jan 22 09 02:27 GMT |

EURUSD Outlook The EURUSD was corrected higher yesterday. The pair attempted to push lower, bottomed at 1.2824 but further bearish momentum was rejected as the pair whipsawed to the upside, hit the top at 1.3085 and closed at 1.3066. The bias is neutral in nearest term but still bearish in longer term. Long trade positions is not recommended as the major bearish scenario still intact. Be patient at this phase. On hourly chart we can see there were 3 minor bullish correction in the current bearish major trend and now the pair might be in another bullish minor correction (4). Only a move above 1.3150-70 area could be a potential violation to the major bearish scenario at this phase. Immediate support is seen at 1.2920. A break below that support level could trigger further bearish momentum. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure. EURUSD Daily Supports and Resistances: S1= 1.2898 S2= 1.2730 S3= 1.2637 R1= 1.3159 R2= 1.3252 R3= 1.3420 GBPUSD Outlook The GBPUSD also corrected higher yesterday. The pair attempted to push lower, bottomed at 1.3621 but closed higher at 1.4021. However the pair was traded lower again early today in Asian market around 1.3860 at the time I wrote this comment. The bias remains bearish targeting 1.3700 area. On bigger point of view on weekly chart we have long bearish candlestick and CCI about to cross -100 line down indicating a potential downside pressure. Immediate resistance at 1.4050. GBPUSD Daily Supports and Resistances: S1= 1.3753 S2= 1.3485 S3= 1.3349 R1= 1.4157 R2= 1.4293 R3= 1.4561 USDJPY Outlook As I had expected, the USDJPY made a significant bearish momentum yesterday. The pair hit my short target at 88.90 even further, bottomed at 87.12 but closed higher at 89.37. Early today in Asian session the pair continued it’s bearish scenario, traded around 88.80 at the time I wrote this comment. The bias remains bearish targeting 86.15 area. CCI in oversold area and heading up on 4h chart so watch out for a minor upside pressure testing 89.50 and 90.15 resistance area. USDJPY Daily Supports and Resistances: S1= 87.61 S2= 85.85 S3= 84.58 R1= 90.64 R2= 91.91 R3= 93.67 USDCHF Outlook The USDCHF made indecisive movement yesterday, formed a Doji candlestick formation on daily chart. The pair topped at 1.1614 but closed lower at 1.1510. The bias should remains bullish. Immediate resistance at 1.1650. A break above that resistance could trigger further bullish scenario targeting 1.1800 area. CCI in overbought area and heading down on 4h chart so watch out for a potential downside pressure testing 1.1470 and 1.1350 support area. USDCHF Daily Supports and Resistances: S1= 1.1389 S2= 1.1268 S3= 1.1156 R1= 1.1622 R2= 1.1734 R3= 1.1855 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