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Daily Technical Analysis

FX Instructor
By FX Instructor

EURUSD

The EURUSD had a bearish momentum yesterday bottomed at 1.0657. The bias is bearish in nearest term. As you can see on my H1 chart below, price is at the lower line of the bullish channel, which is a good place to buy with a tight stop loss below 1.0650. Immediate resistance is seen around 1.0720. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish phase remains valid testing 1.0800 region. On the downside, a clear break and daily/weekly close below 1.0650 would expose 1.0500 region next week.

GBPUSD

The GBPUSD was indecisive yesterday. The bias is neutral in nearest term probably with a little bearish bias testing 1.2500 support area. Immediate resistance is seen around 1.2625. A clear break above that area could trigger further bullish pressure testing 1.2700 area. Overall I still prefer a bullish scenario at this phase targeting 1.2790 region and any downside pullback should be seen as a good opportunity to buy.

USDJPY

The USDJPY had a bullish momentum yesterday topped at 114.85. The bias is bullish in nearest term testing 115.60 which is a good place to sell with a tight stop loss. Immediate support is seen around 114.05. A clear break below that area could lead price to neutral zone in nearest term but would keep the double top bearish scenario remains strong targeting 111.30 area

USDCHF

The USDCHF had another indecisive movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term but overall price is still in a bearish phase since fell from 1.0335 (double top) as you can see on my H4 chart below with nearest bearish target seen at 0.9900. Immediate resistance is seen around 1.0025 followed by 1.0060. 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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