Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Mar 04 09 02:22 GMT |

EURUSD Outlook The EURUSD didn't make a significant movement yesterday. The 1.2500 seems to be an important key support level at this phase. We have a descending triangle on daily chart indicating a potential bearish scenario. I believe the Euro should remains under pressure this week so short on rallies is still the best strategy. Break below 1.2500 would trigger further bearish scenario targeting 1.2300 area. Immediate resistance is seen at 1.2580 followed by 1.2650. CCI just cross the -100 line down on 4h chart suggesting a potential downside pressure. EURUSD Daily Supports and Resistances: S1= 1.2495 S2= 1.2430 S3= 1.2340 R1= 1.2650 R2= 1.2740 R3= 1.2805 GBPUSD Outlook The GBPUSD made indecisive movement yesterday by opened and closed at almost the same price (1.4052 and 1.4047). However we still have bearish channel on 4h chart and weekly outlook also should be bearish for the pair. The bias is neutral in nearest term but remains bearish in medium and long term. Immediate support is seen at 1.3950. Break below that level could trigger further bearish scenario targeting 1.3800 area. Initial resistance at 1.4070 followed by 1.4150. CCI about to cross -100 line down on both hourly and 4h chart suggesting a potential downside pressure. GBPUSD Daily Supports and Resistances: S1= 1.3967 S2= 1.3888 S3= 1.3794 R1= 1.4140 R2= 1.4234 R3= 1.4313 USDJPY Outlook The USDJPY had a bullish momentum yesterday. On hourly chart we can see that the bearish correction attempt was rejected around 23.6% Fibo retracement area. The bias is bullish in nearest term but watch out for a potential double top resistance at 98.69. Break above that level could trigger further bullish momentum targeting 99.50 area. CCI about to cross the 100 line up on hourly chart suggesting a potential upside pressure. USDJPY Daily Supports and Resistances: S1= 97.22 S2= 96.31 S3= 95.63 R1= 98.81 R2= 99.49 R3= 100.40 USDCHF Outlook The USDCHF made indecisive movement by opened and closed at almost the same price yesterday (1.1753 and 1.1755), formed a Doji formation on daily chart. We have triangle formation on hourly chart indicating a consolidation phase. The bias is neutral in nearest term but remains bullish in medium and long term. Immediate support is seen at 1.1682 (yesterday's low). Initial resistance at 1.1800 followed by 1.1880. CCI just cross the 100 line up on 4h chart suggesting a potential upside pressure. USDCHF Daily Supports and Resistances: S1= 1.1696 S2= 1.1637 S3= 1.1592 R1= 1.1800 R2= 1.1845 R3= 1.1904 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