Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jan 29 09 02:22 GMT |

EURUSD Outlook The EURUSD failed to continue it's bullish correction scenario yesterday. The pair attempted to push higher, topped at 1.3326 but further bullish momentum was rejected as the pair closed lower at 1.3152. On hourly chart we have a double top formation and the bullish channel has been violated to the downside. The bias is bearish in nearest term targeting 1.2980. CCI in oversold area and heading up on hourly chart suggesting a potential upside pressure testing 1.3188 and 1.3240 resistance area. EURUSD Daily Supports and Resistances: S1= 1.3060 S2= 1.2969 S3= 1.2836 R1= 1.3284 R2= 1.3417 R3= 1.3508 GBPUSD Outlook The GBPUSD had moderate bullish momentum yesterday. The pair topped at 1.4374 but closed lower at 1.4245. Technically on 4h chart the price failed to break the trend line resistance and go lower. At the same time, CCI just cross the 100 line down suggesting a potential bearish scenario. The bias is bearish in nearest term targeting 1.4060. Immediate resistance is seen at 1.4280 area. GBPUSD Daily Supports and Resistances: S1= 1.4121 S2= 1.3997 S3= 1.3871 R1= 1.4371 R2= 1.4497 R3= 1.4621 USDJPY Outlook After breakout from rectangle area (of 90.20 - 88.20), the USDJPY had a bullish momentum. The pair topped at 90.74 and closed at 90.40. The bias is bullish in nearest term targeting 91.30 area. CCI in overbought area and heading down so watch out for a potential minor downside pressure testing 90.00-20 area. USDJPY Daily Supports and Resistances: S1= 89.26 S2= 88.13 S3= 87.39 R1= 91.13 R2= 91.87 R3= 93.00 USDCHF Outlook After breakout the rectangle formation (of 1.1430 - 1.1330) on hourly chart, yesterday the USDCHF had a bullish momentum. The pair topped at 1.1564 and closed at 1.1526. The bias is bullish in nearest term targeting 1.1650. CCI in overbought area and heading down on hourly chart so watch out for a potential minor downside pressure testing 1.1474 - 1.1510 area. USDCHF Daily Supports and Resistances: S1= 1.1382 S2= 1.1238 S3= 1.1147 R1= 1.1617 R2= 1.1708 R3= 1.1852 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