Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Feb 16 09 03:50 GMT |

EURUSD Outlook The EURUSD didn't make significant movement on Friday. The market seemed to have hesitation and wait for a significant market catalyst. We had significant gap early today as the price opened about 100 pips lower than Friday's closing price. Technically on daily chart we have a descending triangle formation which is a bearish scenario pattern with 1.2700 key level on the downside. Break below that level could trigger further bearish scenario towards 1.2500 area. CCI in oversold area and heading up on both hourly and 4h chart suggesting a potential upside pressure testing 1.2850 - 1.2900 resistance area. US market close. EURUSD Daily Supports and Resistances: S1= 1.2826 S2= 1.2764 S3= 1.2706 R1= 1.2946 R2= 1.3004 R3= 1.3066 GBPUSD Outlook The GBPUSD attempted to push higher on Friday, topped at 1.4601 but further bullish scenario was rejected as the pair closed lower at 1.4399. Today market opened at 1.4245 which mean we had about 150 pips gap lower. Fibonacci retracement study on 4h chart showed us that after failed to break above 50% level (1.4600) the price move to the downside and now below 38.2% level (1.4350) and should challenge the 23.6% level at 1.4030 area. Immediate support at 1.4130. Initial resistance at 1.4350. CCI almost cross the -100 line down on 4h chart suggesting a potential downside pressure. US market close. GBPUSD Daily Supports and Resistances: S1= 1.4233 S2= 1.4067 S3= 1.3883 R1= 1.4583 R2= 1.4767 R3= 1.4933 USDJPY Outlook The USDJPY continued it's bullish momentum on Friday. The pair topped at 92.02 and closed at 91.97. We still have a valid bullish channel on 4h chart but further bullish scenario is limited by trend line resistance. This limited bullish scenario also supported by overbought CCI and heading down indicating potential downside pullback. The bias is neutral in nearest term. Immediate support at 91.30. Initial resistance at 92.02 (Friday's high). US market close. USDJPY Daily Supports and Resistances: S1= 91.00 S2= 90.03 S3= 89.52 R1= 92.48 R2= 92.99 R3= 93.96 USDCHF Outlook The USDCHF didn't make significant movement on Friday. The pair attempted to push lower, bottomed at 1.1485 but closed higher at 1.1601. Fibonacci retracement study on daily chart show us that after had bullish reversal since December 29th 2008 the pair has broke 23.6%, 38.2% and 50% resistance levels but now seem hesitate to consistently stay above 61.8 % level (1.1550). However the bias remains bullish in long term view. Immediate support is seen at 1.1485 (Friday's low). Initial resistance at 1.1730. CCI heading up towards 100 line on daily chart sugegsting a potential upside pressure. US market close. USDCHF Daily Supports and Resistances: S1= 1.1504 S2= 1.1408 S3= 1.1331 R1= 1.1677 R2= 1.1754 R3= 1.1850 Bogdan Parascanu 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