Daily Technical Analysis
EURUSD Outlook
The EURUSD didn't make a significant movement yesterday. The pair attempted to push higher, topped at 1.3341 but closed lower at 1.3248. On 4h chart below we can see that the pair is in bullish correction phase after had a significant bearish momentum from 1.3735. The bias remains neutral in nearest term. Immediate resistance is seen at 1.3341 (yesterday's high). Break above that level could trigger further bullish momentum targeting 1.3435 area. Initial support remains at 1.3100. Break below that level could lead to further bearish scenario towards 1.2950 area. CCI in neutral area both on 4h and daily chart.
EURUSD Daily Supports and Resistances:
S1= 1.3167
S2= 1.3087
S3= 1.3000
R1= 1.3334
R2= 1.3421
R3= 1.3501
GBPUSD Outlook
The GBPUSD had a moderate bullish momentum yesterday. The pair topped at 1.4373 but closed lower at 1.4320. The bias remains neutral in nearest term. After rebounded to the upside as the trendline support hold since Monday, the pair seems to have an important resistance at 1.4380 area. So for now, as you can see in 4h chart below, the battle is between the trendline support and the resistance line. Break above the resistance line could trigger further bullish momentum while a trendline support violation could lead to further bearish scenario challenging 1.4000. CCI in neutral area both on 4h and daily chart.
GBPUSD Daily Supports and Resistances:
S1= 1.4247
S2= 1.4175
S3= 1.4112
R1= 1.4382
R2= 1.4445
R3= 1.4517
USDJPY Outlook
The USDJPY had a bullish momentum yesterday. On 4h chart, as I had expected, after breakout to the upside from 'flag' formation the pair topped at 99.35 and closed at 98.94. The bias is bullish in nearest term but we seem to have a potential strong resistance at 99.66 area (March 05 high). Break above that level could trigger further bullish scenario towards 100.50 area. CCI about to cross 100 line down on 4h chart so watch out for a potential downside pressure testing 98.35 support area.
USDJPY Daily Supports and Resistances:
S1= 97.65
S2= 96.36
S3= 95.51
R1= 99.79
R2= 100.64
R3= 101.93
USDCHF Outlook
The USDCHF had a bearish momentum yesterday. The pair bottomed at 1.1356 and closed at 1.1392. On 4h chart we can see that after break 1.1360 level to the upside last Friday (March 27) and topped at 1.1547, the pair go back lower testing the key level 1.1360 again. Break below that level could trigger further bearish momentum. CCI in neutral area both on 4h and daily chart.
USDCHF Daily Supports and Resistances:
S1= 1.1327
S2= 1.1262
S3= 1.1168
R1= 1.1486
R2= 1.1580
R3= 1.1645
Bogdan Parascanu FX Instructor LLC
www.fxinstructor.com
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