Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Feb 12 09 03:01 GMT |

EURUSD Outlook The EURUSD made indecisive movement yesterday by opened and closed at almost the same price (1.2909 and 1.2903) formed a Doji formation on daily chart. On 4h chart we have triangle formation indicating a consolidation. Break from the triangle should give us clearer direction. Immediate support is seen at 1.2830 area. Break below that level could trigger further bearish momentum testing 1.2700 support area. Initial resistance at 1.2950 - 1.3000. EURUSD Daily Supports and Resistances: S1= 1.2825 S2= 1.2747 S3= 1.2661 R1= 1.2989 R2= 1.3075 R3= 1.3153 GBPUSD Outlook The GBPUSD continued it's bearish momentum yesterday. The pair bottomed at 1.4317 and closed at 1.4395. On 4h chart below we can see that further bearish movement was rejected by strong support at 1.4320 area. The fact that 1.4320 might be a strong support also supported by overbought CCI and heading up so watch out for potential upside pullback testing 1.4470 and 1.4560 resistance area. Break below 1.4320 could trigger further bearish scenario targeting 1.4260 and 1.4160 area. GBPUSD Daily Supports and Resistances: S1= 1.4287 S2= 1.4179 S3= 1.4041 R1= 1.4533 R2= 1.4671 R3= 1.4779 USDJPY Outlook The USDJPY made indecisive movement by opened and closed at almost the same price (90.43 and 90.41). The pair attempted to push lower, bottomed at 89.69 (9 pips higher from my short target at 89.60) but further bearish scenario was rejected as the pair closed higher. However we have a descending triangle formation on hourly chart indicating a potential bearish scenario. Breakdown from the triangle could trigger further bearish momentum targeting 89.00 area. Immediate support at 90.10. Initial resistance at 90.73 (yesterday's high). USDJPY Daily Supports and Resistances: S1= 89.82 S2= 89.23 S3= 88.78 R1= 90.86 R2= 91.31 R3= 91.90 USDCHF Outlook The USDCHF didn't make significant move yesterday. We have triangle formation on hourly chart indicating a consolidation phase. Break from the rectangle could give us a clearer direction. The bias is neutral in nearest term. Immediate support is seen at 1.1550 followed by 1.1500. Initial resistance at 1.1630 followed by 1.1715. CCI in neutral area on daily chart. USDCHF Daily Supports and Resistances: S1= 1.1518 S2= 1.1456 S3= 1.1399 R1= 1.1637 R2= 1.1694 R3= 1.1756 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