Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Feb 04 09 02:34 GMT |

EURUSD Outlook The EURUSD had a bullish momentum yesterday. The pair topped at 1.3056 and closed at 1.3016. We had a volatile market lately reflected in broadening formation on 4h chart below where the price make new highs and lows without clear direction. This is kind of market that I would avoid and doing nothing. We still have major bearish trend line that might be tested today. The bias is bullish in nearest term but medium term remains unclear. Immediate support is seen at 1.3000 followed by 1.2900. Initial resistance at 1.3150. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure. EURUSD Daily Supports and Resistances: S1= 1.2858 S2= 1.2701 S3= 1.2602 R1= 1.3114 R2= 1.3213 R3= 1.3370 GBPUSD Outlook The Sterling also rallied against Dollar yesterday. The pair topped at 1.4484 and closed at 1.4428. The broadening formation seem to get wider, adding uncertainty. The current bullish momentum might challenge the major bearish trend line seen on 4h chart below. Again, I will stay away from the market. This situation is the one that really need our patient. So, be patient! Do not rush jumping in to the market. Immediate support is seen at 1.4360 followed by 1.4280. Initial resistance at 1.4550. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure. GBPUSD Daily Supports and Resistances: S1= 1.4225 S2= 1.4022 S3= 1.3893 R1= 1.4557 R2= 1.4686 R3= 1.4889 USDJPY Outlook The USDJPY made indecisive movement yesterday by opened and closed at the same price (89.37) formed a Doji candlestick formation on daily chart. On 4h chart we can see that the pair is ready to make another test to break the bearish trend line resistance. The bias remains neutral in nearest term but bearish scenario in longer term remains valid. Immediate resistance at 89.80. Initial support at 89.00. CCI in neutral area on daily chart. USDJPY Daily Supports and Resistances: S1= 88.64 S2= 87.92 S3= 87.26 R1= 90.02 R2= 90.68 R3= 91.40 USDCHF Outlook The USDCHF had a significant bearish momentum yesterday. The pair bottomed at 1.1399 and closed at 1.1443. On 4h chart we can see that after had a bullish major momentum, the pair is trapped in rectangle formation between 1.1715 and 1.1310 area since January 23 indicating a consolidation phase. It seem like the pair ready to test the lower line at 1.1310 support. The bias is bearish in nearest term but neutral in longer term. I think it’s better to stay away from the market. USDCHF Daily Supports and Resistances: S1= 1.1339 S2= 1.1236 S3= 1.1073 R1= 1.1605 R2= 1.1768 R3= 1.1871 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