Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Apr 28 09 01:57 GMT |

EURUSD Outlook In my EURUSD weekly summary on Saturday (April 25) I said that we might have a potential 'war' this week, whether 'the pair is going to make a breakout to the upside from the triangle to make a bigger bullish scenario back towards 1.3734 or breakdown from the third minor bullish channel (number 3) and continue the bearish scenario'. Well, it looks like the bearish power is in control right now. The third minor bullish channel was violated to the downside and the pair should continue the bearish scenario. The pair fell below 1.3100 and now testing 1.3000 psychological level. Break below that level could trigger further bearish momentum targeting 1.2890 area. CCI about to cross the -100 line up on hourly chart suggesting a potential upside rebound testing 1.3050 – 1.3100 resistance area. EURUSD Daily Supports and Resistances: S1= 1.2942 S2= 1.2848 S3= 1.2697 R1= 1.3187 R2= 1.3338 R3= 1.3432 GBPUSD Outlook The GBPUSD attempted to push lower yesterday. After violated the rising wedge formation to the downside (which should gave us a good short signal), the pair had a bearish momentum, bottomed at 1.4515 but further bearish scenario was rejected as the pair whipsawed to the upside and on hourly chart below we can see that the pair back to the upside testing the lower line of the rising wedge (now resistance). The bias is neutral in nearest term. Immediate support is seen at 1.4570 area. Break below that area could trigger further bearish momentum. Initial resistance at 1.4750. CCI in neutral area in all three time frames (hourly, h4, daily). GBPUSD Daily Supports and Resistances: S1= 1.4541 S2= 1.4439 S3= 1.4364 R1= 1.4718 R2=1.4793 R3= 1.4895 USDJPY Outlook The USDJPY made indecisive movement yesterday, formed a Doji formation on daily chart. On hourly chart below we cans see that after had bearish momentum the pair seems to have good support around 96.50 area. Break below that area could trigger further bearish momentum targeting 95.50. Immediate resistance is seen at 96.90. CCI about to cross the -100 line down on h4 chart suggesting a potential downside pressure. USDJPY Daily Supports and Resistances: S1= 96.41 S2= 96.08 S3= 95.74 R1= 97.08 R2= 97.42 R3= 97.75 USDCHF Outlook The USDCHF had a bullish momentum yesterday. On h4 chart below we can see that once again, the trendline support did a great job preventing further bearish attack. The bias is bullish in nearest term targeting 1.1670 area. However CCI in overbought area and about to cross the 100 line down on hourly chart suggesting a potential downside rebound testing 1.1515 support area. USDCHF Daily Supports and Resistances: S1= 1.1407 S2= 1.1261 S3= 1.1164 R1= 1.1650 R2= 1.1747 R3= 1.1893 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