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Daily Technical Analysis

FX Instructor
By FX Instructor

EURUSD

The EURUSD attempted to push higher yesterday topped at 1.0640 but closed lower at 1.0581. As you can see on my H4 chart below price is moving back inside the bearish channel, keeps the bearish phase intact. The bias is neutral in nearest term probably with a little bearish bias testing 1.0500 support area. On the upside, 1.0630/50 region remains a key resistance and good place to sell with a tight stop loss as a clear break and daily close above that area could trigger further bullish pressure testing 1.0700 – 1.0750 region. Overall I remain neutral.

GBPUSD

The GBPUSD had a moderate bearish momentum yesterday bottomed at 1.2224. The bias is bearish in nearest term testing 1.2150 region. Immediate resistance is seen around 1.2275. A clear break above that area could lead price to neutral zone in nearest term testing 1.2340 resistance area which remains a good place to sell with a tight stop loss. Overall I remain neutral.

USDJPY

The USDJPY was indecisive yesterday. The bias remains neutral in nearest term. Overall I still prefer a bearish scenario but as you can see on my H4 chart below price has been moving sideways in a range area. Immediate support is seen around 113.50. A clear break and daily close below that area could trigger further bearish pressure testing 113.00 – 112.50 region. Immediate resistance is seen around 114.70 but key resistance remains at 115.60 which remains a good place to sell.

USDCHF

The USDCHF had a moderate bullish momentum yesterday topped at 1.0129. The bias is bullish in nearest term testing 1.0200 area which is a good place to sell with a tight stop loss. Immediate support is seen around 1.0070 and the lower line of the bullish channel as you can see on my H4 chart below. A clear break and daily close below the bullish channel would end the current bullish phase. 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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