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Daily Technical Analysis

FX Instructor
By FX Instructor

EURUSD

The EURUSD attempted to push lower yesterday bottomed at 1.0493 but closed higher at 1.0557. The bias is neutral in nearest term probably with a little bullish bias testing 1.0600/20 area. Immediate support is seen around 1.0520/00 which remains a good place to buy with a tight stop loss as a clear break and daily close below that area would expose 1.0400 – 1.0350 region. On the upside, a clear break and daily close above 1.0600 would expose 1.0680 – 1.0700 area. Overall I remain neutral.

GBPUSD

The GBPUSD had another indecisive movement yesterday. The bias remains neutral in nearest term. As you can see on my H1 chart below price has been moving sideways without clear direction suggests a consolidation phase. Immediate support is seen around 1.2400. A clear break below that area could trigger further bearish pressure testing 1.2340 area. Immediate resistance is seen around 1.2500. A clear break and daily close above that area could trigger further bullish pressure testing 1.2580 area. Overall I remain neutral.

USDJPY

The USDJPY was indecisive yesterday. The bias is neutral in nearest term but overall as long as stay below 115.60 I still prefer a bearish scenario. Immediate resistance is seen around 113.50. A clear break above that area could trigger further bullish pressure testing 114.00 or higher. Immediate support is seen around 112.90. A clear break below that area could trigger further bearish pressure testing 112.50 or lower.

USDCHF

The USDCHF attempted to push higher yesterday topped at 1.0140 but closed lower at 1.0104. The bias is neutral in nearest term probably with a little bearish bias testing 1.0050 area. Immediate resistance is seen around 1.0140 (yesterday’s high). A clear break and daily close above that area could trigger further bullish pressure testing 1.0200 region. Overall I remain neutral.

FX Instructor
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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

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