Daily Technical Analysis

EURUSD Outlook

After 2 days of limited bullish correction attempt, yesterday the Euro slumped against Greenback. The pair bottomed at 1.3448 and closed at 1.3461. We have a bearish channel on hourly chart. My model is mixed with neutral bias in nearest term, but with downside bias in longer term. Immediate support is seen at 1.3422 followed by 1.3350. CCI just cross -100 line up on hourly chart suggesting a potential upside correction testing 1.3540 and 1.3615 resistance levels.

EURUSD Daily Supports and Resistances:

S1= 1.3376
S2= 1.3292
S3= 1.3136
R1= 1.3616
R2= 1.3772
R3= 1.3856

GBPUSD Outlook

The Sterling also slumped against Greenback yesterday. The pair bottomed at 1.7135 and closed at 1.7141. However the pair was corrected higher early today in Asian session, traded around 1.7335 at the time I wrote this comment and we still have a valid bullish channel on hourly and 4h chart. My model goes is mixed with upside bias. Immediate support is seen at 1.7250 followed by 1.7144. Initial resistance at 1.7448 followed by 1.7660.

GBPUSD Daily Supports and Resistances:

S1= 1.6983
S2= 1.6826
S3= 1.6517
R1= 1.7449
R2= 1.7758
R3= 1.7915

USDJPY Outlook

The Greenback was traded weaker against Japanese Yen yesterday. The pair bottomed at 99.57 and closed at 99.87. We have a bearish channel on 4h chart. However, early today in Asian session there are some upside pressures. Should the bearish channel violated to the upside, it would turn my model to upside bias. Immediate resistance is seen at 100.85 followed by 101.50. Initial support at 99.57 (yesterday’s low). CCI about to cross -100 line on daily chart, suggesting a potential bullish view.

USDJPY Daily Supports and Resistances:

S1= 98.91
S2= 97.95
S3= 96.33
R1= 101.49
R2= 103.11
R3= 104.07

USDCHF Outlook

Yesterday the Greenback was traded softly lower against the Swiss Franc. On hourly chart we can see the pair is move in ranging area between 1.1404 and 1.1296. A break out from that ranging area should give us a clearer direction. CCI in neutral area in all 3 time frames (hourly, 4h, daily) but heading down, suggesting more pressure to the downside.

USDCHF Daily Supports and Resistances:

S1= 1.1272
S2= 1.1230
S3= 1.1164
R1= 1.1380
R2= 1.1446
R3= 1.1488

FX Instructor LLC
www.fxinstructor.com

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