Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | May 19 09 01:54 GMT |

EURUSD Outlook The EURUSD failed to continue it's bearish scenario yesterday. The pair attempted to push lower, bottomed at 1.3423 but further bearish momentum was rejected as the pair whipsawed to the upside, hit the top at 1.3562 and closed at 1.3560. This fact bring us into no trading zone in nearest term. On hourly chart below, we still have the bearish channel since downside momentum from 1.3721. Violation to the upside of the bearish channel could trigger further bullish momentum back towards 1.3721 again. Immediate support is seen at 1.3480 area. Break below that area could trigger further bearish pressure. CCI in neutral area on h4 chart. EURUSD Daily Supports and Resistances: S1= 1.3468 S2= 1.3376 S3= 1.3329 R1= 1.3607 R2= 1.3654 R3= 1.3746 GBPUSD Outlook The GBPUSD had a bullish momentum yesterday. The pair topped at 1.5347 and closed at 1.5346. On h4 chart below we can see that the trendline support did a great job preventing the pair from further bearish attack. I think we are now in no trading zone area and it's better to stay away from the market and wait for further development. The key level at this phase is 1.5370 area. Break above that area could trigger further bullish scenario towards 1.5525 area. CCI just cross the 100 line up on daily chart suggesting a potential upside pressure. GBPUSD Daily Supports and Resistances: S1= 1.5191 S2= 1.5037 S3= 1.4959 R1= 1.5423 R2= 1.5501 R3= 1.5655 USDJPY Outlook The USDJPY had a significant upside correction yesterday. The pair topped at 96.45 and closed at 96.29. The bias is neutral in nearest term. Key level at this phase is 96.60/70. Break above that area could trigger further bullish momentum targeting 97.50. Immediate support at 95.75. CCI just cross the -100 line up on daily chart suggesting a potential upside pressure. USDJPY Daily Supports and Resistances: S1= 95.07 S2= 93.86 S3= 93.17 R1= 96.97 R2= 97.66 R3= 98.87 USDCHF Outlook The USDCHF had a bearish momentum yesterday. On h4 chart below we can see that the trendline resistance did a great job preventing the pair from further bullish attack and now the pair is traded below 1.1160. The bias is neutral in nearest term. Immediate support is seen at 1.1100. Break below that area could trigger further bearish momentum. CCI in neutral area on h4 chart. USDCHF Daily Supports and Resistances: S1= 1.1098 S2= 1.1057 S3= 1.0978 R1= 1.1218 R2= 1.1297 R3= 1.1338 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