Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Feb 06 09 02:34 GMT |

EURUSD Outlook The EURUSD didn't make a significant movement yesterday. There seems to be a hard battle between buyers and sellers. The 1.2900 resistance was tested (topped at 1.2904) before price hit bottom at 1.2760 and closed at 1.2786. The nearest bias is still bearish but should remains unclear in longer term. CCI almost cross -100 line up on hourly chart suggesting a potential upside pullback testing the bearish channel. Immediate support at 1.2760 (yesterday's low) followed by 1.2700. Break below 1.2700 could trigger further bearish momentum targeting 1.2500. Initial resistance at 1.2850 - 1.2900 area. Eyes on US NFP data today. EURUSD Daily Supports and Resistances: S1= 1.2729 S2= 1.2672 S3= 1.2585 R1= 1.2873 R2= 1.2960 R3= 1.3017 GBPUSD Outlook After indecisive movement on Wednesday, yesterday GBPUSD had a significant bullish momentum. After break the 1.4577 resistance, the pair made further bullish move, topped at 1.4702 and closed at 1.4625. The Fibonacci retracement study below show that the pair is at critical phase, testing 23.6 % at 1.4718 area. Break above that area could trigger further strong bullish momentum. The bias remains bullish in nearest term and neutral in longer term. However, CCI in overbought area and heading down on 4h chart suggesting a potential downside pullback testing 1.4577 and 1.4500 support area. Eyes on US NFP data today. GBPUSD Daily Supports and Resistances: S1= 1.4426 S2= 1.4228 S3= 1.4090 R1= 1.4762 R2= 1.4900 R3= 1.5098 USDJPY Outlook After breakout to the upside from triangle formation yesterday, the USDJPY had a nice bullish momentum. The pair topped at 92.23 and closed at 91.11. On 4h chart below we can see that the price is now testing the trend line resistance but at the same time CCI in overbought area and heading down suggesting a potential downside pullback. The bias is bullish in nearest term but neutral in longer term. Immediate support is seen at 90.35. Initial resistance at 91.50 followed by 92.23 (yesterday's high). USDJPY Daily Supports and Resistances: S1= 89.47 S2= 87.83 S3= 86.45 R1= 92.49 R2= 93.87 R3= 95.51 USDCHF Outlook As I had expected, yesterday USDCHF attempted to break 1.1715 resistance level. The pair topped at 1.1727 and closed at 1.1720. However I think we need little more consistent move above 1.1715 area to make sure it is not a false breakout. If we do have a valid breakout, the next bullish target is at least at 1.1820 area. However CCI about to cross the 100 line down on hourly chart suggesting a potential downside pullback testing 1.1630 area. USDCHF Daily Supports and Resistances: S1= 1.1618 S2= 1.1516 S3= 1.1462 R1= 1.1774 R2= 1.1828 R3= 1.1930 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