Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Mar 25 09 01:53 GMT |

EURUSD Outlook The EURUSD was traded lower yesterday. On 4h chart we can see that after hit 1.3735 key resistance level, the pair made a significant downside correction testing 23.6% Fibo retracement support level around 1.3435 area. Break below that support level could trigger further bearish correction towards 1.3250. The bias remains neutral in nearest term. We have conflicting daily and hourly CCI. Hourly CCI just cross -100 line up suggesting a potential upside pressure while daily CCI about to cross 100 line down suggesting a potential downside pressure. EURUSD Daily Supports and Resistances: S1= 1.3374 S2= 1.3280 S3= 1.3129 R1= 1.3619 R2= 1.3770 R3= 1.3864 GBPUSD Outlook As I had expected, GBPUSD had a bullish momentum yesterday. The pair hit my long target at 1.4700, even higher, topped at 1.4774 and closed at 1.4692. The bias remains bullish in nearest term testing important resistance at 1.4990 area. However CCI about to cross the 100 line down on 4h chart so watch out for a potential downside rebound testing 1.4650. Break below that support level could lead us into no trading zone. GBPUSD Daily Supports and Resistances: S1= 1.4569 S2= 1.4446 S3= 1.4344 R1= 1.4794 R2= 1.4896 R3= 1.5019 USDJPY Outlook As I had expected, the USDJPY had another bullish momentum yesterday. The pair hit my long target at 98.30, even further, topped at 98.53 but closed lower at 97.83. On 4h chart we can see that after traded around bearish trendline the bullish power was paused and the pair made some moderate downside rebound. The bias remains bullish in nearest term but it’s better to wait until the trendline is violated to the upside to confirm the bullish view targeting 99.50 area. CCI just cross the 100 line down on 4h chart so watch out for a potential downside rebound testing 97.50 support area. USDJPY Daily Supports and Resistances: S1= 96.97 S2= 96.12 S3= 95.34 R1= 98.60 R2= 99.38 R3= 100.20 USDCHF Outlook The USDCHF made another indecisive movement yesterday. On 4h chart we can see that the pair still trapped between 38.2% (1.1360) and 50% (1.1170) Fibo retracement (of 1.0370 – 1.1965). We need a break on either side to find clearer direction. The bias remains neutral in nearest term. I think it’s better to stay away right now and wait for further development. CCI about to cross the -100 line up on daily chart suggesting a potential upside pressure. USDCHF Daily Supports and Resistances: S1= 1.1237 S2= 1.1165 S3= 1.1122 R1= 1.1352 R2= 1.1395 R3= 1.1506 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