Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Feb 03 09 02:30 GMT |

EURUSD Outlook The EURUSD failed to continued it's bearish momentum yesterday. The pair attempted to push lower, bottomed at 1.2706 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 1.2898 and closed at 1.2814. The bias is neutral in nearest term but bearish scenario in longer term is still intact. We still have a valid bearish channel on hourly chart and only a breakout to the upside could be a potential violation to the bearish scenario. We also seem to have a strong resistance (double top) at 1.2900 area. Break above that level could trigger further bullish correction towards 1.3000 area. Immediate support is seen at 1.2700 area. Break below that level could trigger further bearish momentum targeting 1.2500. CCI in oversold area and heading up on daily chart suggesting a potential upside pressure. EURUSD Daily Supports and Resistances: S1= 1.2714 S2= 1.2614 S3= 1.2522 R1= 1.2906 R2= 1.2998 R3= 1.3098 GBPUSD Outlook After corrected significantly higher last week, the GBPUSD bullish momentum was paused yesterday. The pair topped at 1.4468, hit the bottomed at 1.4051 and closed at 1.4230. We had a high volatile market lately, forming a broadening formation seen on hourly chart, make new highs and lows without clear direction. I think the pair is consolidating now. Keep stay away, waiting for clearer direction. Pay high attention to the key/psychological level 1.4000 at this phase. Break below that level could trigger further weakness to the Sterling. CCI in neutral area on daily chart. GBPUSD Daily Supports and Resistances: S1= 1.4031 S2= 1.3832 S3= 1.3614 R1= 1.4448 R2= 1.4666 R3= 1.4865 USDJPY Outlook The USDJPY didn't make a significant movement yesterday. The pair attempted to push lower, bottomed at 88.80 but closed higher at 89.36. We have a symmetrical triangle formation on hourly chart suggesting a consolidation phase. A break from the triangle would give us a clearer direction. The bias is neutral in nearest term, but still bearish in longer term. Immediate resistance is seen at 89.97 (yesterday's high). Initial support at 89.00. CCI in neutral area on daily chart. USDJPY Daily Supports and Resistances: S1= 88.78 S2= 88.20 S3= 87.61 R1= 89.95 R2= 90.54 R3= 91.12 USDCHF Outlook The USDCHF didn't make a significant move yesterday. However we have a minor bearish channel on hourly chart that seem to be a potential threat to the bullish scenario. The price is now testing the bullish channel line support around 1.1550 area. A violation to the downside could trigger further bearish momentum towards 1.1470 area. Initial resistance at 1.1750. CCI just cross the -100 line down on hourly chart suggesting a potential downside pressure. USDCHF Daily Supports and Resistances: S1= 1.1573 S2= 1.1521 S3= 1.1466 R1= 1.1680 R2= 1.1735 R3= 1.1787 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