Daily Technical Analysis

EURUSD Outlook

The Euro continued to move stronger against Greenback on Friday after the downside movement rejected at 1.5284 on Thursday. My model is long, targeting 1.5525 area followed by 1.5570. Immediate support seen at 1.5420. CCI in neutral area on daily chart.

EURUSD Daily Supports and Resistances:

S1= 1.5420
S2= 1.5358
S3= 1.5324
R1= 1.5516
R2= 1.5550
R3= 1.5612

GBPUSD Outlook

On the daily chart, the downside movement of major bearish trend for GBPUSD seems to found strong support from the trend line. My model is neutral with downside bias. Immediate support at 1.9460. Initial resistance at 1.9570.

GBPUSD Daily Supports and Resistances:

S1= 1.9475
S2= 1.9412
S3= 1.9366
R1= 1.9584
R2= 1.9630
R3= 1.9693

USDJPY Outlook

Further downside move of USDJPY rejected at 102.70 area, which is a strong support on daily chart as we can see at least there are 6 days bottomed at 102.60-70 area from 03/03/2008. My model is long, targeting 103.60 area. Immediate support seen at 102.60-70 area. CCI in oversold zone on daily chart.

USDJPY Daily Supports and Resistances:

S1= 102.32
S2= 101.79
S3= 100.97
R1= 103.67
R2= 104.49
R3= 105.02

USDCHF Outlook

Friday, The USDCHF broke 1.0425 area, bottomed at 1.0388 and closed at 1.0410. My model is mixed with upside bias as the downside trend line was violated on hourly chart early today. Immediate support seen at 1.0388 (Friday’s low). Initial resistance at 1.0500 area. CCI in neutral area on daily chart.

USDCHF Daily Supports and Resistances:

S1= 1.0360
S2= 1.0311
S3= 1.0234
R1= 1.0486
R2= 1.0563
R3= 1.0612

Bogdan Parascanu FX Instructor LLC
www.fxinstructor.com

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