Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Apr 27 09 01:54 GMT |

EURUSD Outlook The EURUSD continued it's bullish correction on Friday. The pair topped at 1.3299 and closed at 1.3241. On h4 chart below we have a double top formation around 1.3295 area which should provide us an important resistance at this phase. Break above that area could trigger further bullish momentum towards 1.3395 area. Immediate support is seen at 1.3185 area. Break below that area could trigger further bearish pressure testing 1.3100. CCI in overbought area and about to cross 100 line down on h4 chart suggesting a potential downside pressure. EURUSD Daily Supports and Resistances: S1= 1.3135 S2= 1.3030 S3= 1.2948 R1= 1.3322 R2= 1.3404 R3= 1.3509 GBPUSD Outlook The GBPUSD bullish correction was paused on Friday. On hourly chart below we have a rising wedge formation indicating a potential bearish reversal scenario after a bullish momentum since April 22. A break down from the rising wedge should trigger further bearish scenario back towards 1.4400 area. Immediate resistance is seen at 1.4770 area. Break above that area could trigger further bullish momentum towards 1.4900. Initial support at 1.4600 - 1.4580 area. Break below that area could trigger further bearish pressure. CCI in neutral area on daily chart. GBPUSD Daily Supports and Resistances: S1= 1.4564 S2= 1.4473 S3= 1.4370 R1= 1.4758 R2= 1.4861 R3= 1.4952 USDJPY Outlook The USDJPY had a significant bearish momentum on Friday. After violated the descending triangle to the downside, the pair bottomed at 96.63 and closed at 97.09. The bias is bearish targeting 95.50 area. Immediate resistance is seen at 97.15 area. Break above that area should take us back into no trading zone. USDJPY Daily Supports and Resistances: S1= 96.43 S2= 95.78 S3= 94.93 R1= 97.93 R2= 98.78 R3= 99.43 USDCHF Outlook The USDCHF continued it's bearish momentum on Friday. The pair bottomed at 1.1347 and closed at 1.1394. On h4 chart below we can see that the pair is struggling around the trendline support area which has been a strong support since March 19. A valid break below the trendline support should trigger further bearish momentum. Immediate support is seen at 1.1347 (Friday's low). Initial resistance at 1.1415. Break above that area could trigger further bullish momentum towards 1.1515. CCI in oversold area and heading up on h4 chart suggesting a potential upside pressure. USDCHF Daily Supports and Resistances: S1= 1.1319 S2= 1.1244 S3= 1.1142 R1= 1.1496 R2= 1.1598 R3= 1.1673 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