Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | May 28 09 02:14 GMT |

EURUSD Outlook Yesterday I said about battle between buyers and sellers reflected on resistance line at 1.4050 and trendline support on hourly chart, and the battle was won by the sellers as the trendline support violated to the downside. This fact should trigger further bearish pressure testing key support level at 1.3736 area in nearest term. However, for me this is not the best time to trade since bullish outlook of medium term still intact and this bearish momentum still considered as counter trend movement/correction of the medium term trend. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure. EURUSD Daily Supports and Resistances: S1= 1.3767 S2= 1.3708 S3= 1.3592 R1= 1.3942 R2= 1.4058 R3= 1.4117 GBPUSD Outlook After breakout from the rectangle area (1.5966), yesterday the GBPUSD had bullish momentum, topped at 1.6085 but the bullish power seemed very limited as the the pair closed lower at 1.5955. I think we are now back in the no trading zone. However, if the price consistently move above 1.6000 area today, we might see further upside pressure testing 1.6125 area. Immediate support is seen at 1.5922 (yesterday's low). Break below that area could trigger further bearish pressure towards 1.5850 area. CCI just cross the 100 line down on h4 chart suggesting a potential downside pressure. GBPUSD Daily Supports and Resistances: S1= 1.5889 S2= 1.5824 S3= 1.5726 R1= 1.6052 R2= 1.6150 R3= 1.6215 USDJPY Outlook The USDJPY had moderate bullish momentum yesterday. We still have minor bullish channel seen on h4 chart with 96.60/70 resistance level to test. Immediate resistance is seen at 95.50. Break above that area could trigger further bullish momentum. Initial support at 94.50 area. CCI just cross the 100 line up on h4 chart suggesting a potential upside pressure. USDJPY Daily Supports and Resistances: S1= 94.80 S2= 94.30 S3= 93.96 R1= 95.64 R2= 95.98 R3= 96.48 USDCHF Outlook The USDCHF was corrected higher yesterday. On hourly chart below we can see that after failed to break below 1.0810 support (triple bottom) the pair had a bullish momentum. The key level at this phase is 1.0930. Break above that area could trigger further bullish momentum towards 1.1010. CCI just cross the -100 line up on daily chart suggesting a potential upside pressure. USDCHF Daily Supports and Resistances: S1= 1.0849 S2= 1.0769 S3= 1.0729 R1= 1.0969 R2= 1.1009 R3= 1.1089 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