Daily Technical Analysis

EURUSD Outlook

The EURUSD made indecisive movement yesterday. The pair attempted to push lower, bottomed at 1.2600 but further bearish momentum was rejected as the pair closed higher at 1.2713. The triangle formation on hourly chart suggesting that the pair is in consolidation phase. The main bias remains down, so I am expecting further bearish scenario towards 1.2430 area. CCI about to cross 100 line up on hourly chart so watch out for a potential upside pressures testing 1.2760 resistance. Initial support at 1.2650 followed by 1.2563.

EURUSD Daily Supports and Resistances:

S1= 1.2628
S2= 1.2544
S3= 1.2488
R1= 1.2768
R2= 1.2824
R3= 1.2908

GBPUSD Outlook

After an indecisive movement on Tuesday, yesterday the GBPUSD continued it’s bearish scenario. The pair bottomed at 1.4665 and closed at 1.4776. The bias remains down targeting 1.4550 area. Immediate resistance is seen at 1.4820. Initial support at 1.4665. CCI heading down towards -100 line on daily chart suggesting a potential downside pressures.

GBPUSD Daily Supports and Resistances:

S1= 1.4650
S2= 1.4524
S3= 1.4384
R1= 1.4916
R2= 1.5056
R3= 1.5182

USDJPY Outlook

The USDJPY made another indecisive movement yesterday. We have another rectangle pattern on hourly chart as the price seem to move in ranging area between 93.60 and 92.50. Looking back at the same rectangle pattern on Monday when after price break to the downside it made a nice bearish momentum, I am expecting the same scenario as the bias is still on the downside. CCI in neutral area on 4h chart.

USDJPY Daily Supports and Resistances:

S1= 92.68
S2= 92.08
S3= 91.62
R1= 93.74
R2= 94.20
R3= 94.80

USDCHF Outlook

After break the ranging area (1.2090 and 1.1990) to the upside, yesterday the USDCHF had a bullish momentum, topped at 1.2168, but further bullish scenario was rejected as the pair closed lower at 1.2087. However, technically the bias remains on the upside. Immediate support is seen at 1.2050 followed by 1.1990. Initial resistance at 1.2198. CCI in neutral area in 4h and daily chart.

USDCHF Daily Supports and Resistances:

S1= 1.2034
S2= 1.1982
S3= 1.1915
R1= 1.2153
R2= 1.2220
R3= 1.2272

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