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Daily Technical Analysis

FX Instructor
By FX Instructor

EURUSD

The EURUSD attempted to push lower yesterday bottomed at 1.0514 but closed a little bit higher at 1.0546. As you can see on my H4 chart below, price is moving inside a bearish channel suggests a bearish phase. The bias is neutral in nearest term probably with a little bearish bias testing 1.0500 – 1.0450 support area and the lower line of the bearish channel which is a good place to buy with a tight stop loss. Immediate resistance is seen around 1.0580. A clear break above that area could trigger further bullish pressure testing 1.0630 resistance area. Overall I remain neutral.

GBPUSD

The GBPUSD continued its bearish momentum yesterday broke below 1.2340 key support and hit 1.2260 earlier today in Asian session. The bias is bearish in nearest term testing 1.2250 – 1.2200 support area. Immediate resistance is seen around 1.2340. A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear. Overall I remain neutral.

USDJPY

The USDJPY had a bullish momentum yesterday topped at 114.04 and hit 114.15 earlier today in Asian session. The bias remains bullish in nearest term testing 115.00 – 115.60 area which is a good place to sell with a tight stop loss. Immediate support is seen around 113.45. A clear break below that area could lead price to neutral zone in nearest term testing 113.00 or lower. As long as stay below 115.60 I still prefer a bearish scenario.

USDCHF

The USDCHF attempted to push higher yesterday topped at 1.0129 but closed a little bit lower at 1.0088. The bias is neutral in nearest term probably with a little bullish bias testing 1.0140. A clear break above that area would expose 1.0200 region. Immediate support is seen around 1.0065 followed by 1.0030/00 which is a good place to buy with a tight stop loss. Overall I remain neutral.

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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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