Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jan 30 09 02:20 GMT |

EURUSD Outlook As I had expected, the EURUSD had a bearish momentum yesterday. The pair hit my short target at 1.2980 even further bottomed at 1.2932. We have a valid bearish channel on hourly chart. The bias remains bearish targeting 1.2750 area. CCI in oversold area and heading up on hourly chart so watch out for a potential minor upside pressure testing 1.3015 resistance area. CCI just cross -100 line down on daily chart suggesting a potential bearish scenario. EURUSD Daily Supports and Resistances: S1= 1.2854 S2= 1.2770 S3= 1.2608 R1= 1.3100 R2= 1.3262 R3= 1.3346 GBPUSD Outlook The GBPUSD attempted to push lower yesterday. The pair bottomed at 1.4072 (12 pips higher from my short target at 1.4060) before whipsawed to the upside, topped at 1.4409 and closed at 1.4285. On hourly chart we can see that after violation to the former bullish channel, the price attempted to move higher, but the trend line resistance still hold. The bias is neutral in nearest term. Break below 1.4200 area could trigger further bearish momentum testing 1.4000 key level . CCI in neutral area on daily chart. GBPUSD Daily Supports and Resistances: S1= 1.4101 S2= 1.3918 S3= 1.3764 R1= 1.4438 R2= 1.4592 R3= 1.4775 USDJPY Outlook The USDJPY failed to continue it's bullish scenario yesterday. The pair bottomed at 89.46 and closed at 90.03. We have a new bearish channel on hourly chart. The bias is bearish in nearest term targeting 88.90 area. Immediate resistance is seen at 90.05. CCI in neutral area on daily chart. USDJPY Daily Supports and Resistances: S1= 89.44 S2= 88.86 S3= 88.26 R1= 90.62 R2= 91.22 R3= 91.80 USDCHF Outlook The USDCHF didn't make a significant move yesterday. The pair attempted to push lower, bottomed at 1.1406 but closed higher at 1.1543. The bias is neutral in nearest term. We still have a bullish channel on hourly chart, but the trend line resistance still hold. A breakout from the trend line resistance could trigger further bullish momentum targeting 1.1650. CCI about to cross the 100 line up on daily chart suggesting a potential upside pressure. USDCHF Daily Supports and Resistances: S1= 1.1439 S2= 1.1336 S3= 1.1266 R1= 1.1612 R2= 1.1682 R3= 1.1785 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