HomeContributorsTechnical AnalysisDaily Technical Analysis

Daily Technical Analysis


EURUSD

The EURUSD attempted to push higher yesterday topped at 1.0714 but whipsawed to the downside and closed lower at 1.0650. The bias is neutral in nearest term probably with a little bearish bias testing 1.0630/00 support area which is a good place to buy with a tight stop loss as a clear break below that area would expose 1.0500 region. Immediate resistance is seen around 1.0675. A clear break above that area could trigger further bullish pressure testing 1.0750 – 1.0800 region which is a good place to sell. Overall I remain neutral and price has been moving sideways without clear direction so selling on resistances and buying on supports with a tight stop loss seems to be the best strategy.

GBPUSD

The GBPUSD had a bullish momentum yesterday topped at 1.2250 after formed a triple bottom formation (1.2135) as you can see on my daily chart below. The bias is bullish in nearest term testing 1.2300/50 region. Immediate support is seen around 1.2195. A clear break below that area could lead price to neutral zone in nearest term testing 1.2150/35 support area but key support remains at 1.2000 psychological level which remains a good place to buy. Overall I remain neutral.

USDJPY

The USDJPY was indecisive yesterday. The bias remains neutral in nearest term. Key resistance remains at 115.60 region which is a good place to sell with a tight stop loss. Immediate support is seen around 114.35. A clear break and daily close below that area would expose 113.50/00 region. On the upside, a clear break and daily close above 115.60 would expose 117.00 – 118.60 area.

USDCHF

The USDCHF had a moderate bearish momentum yesterday bottomed at 1.0060. As you can see on my H4 chart below price slipped below the bullish channel but still struggling around the H4 EMA 200. The bias is bearish in nearest term testing 1.0000. Immediate resistance is seen around 1.0100. A clear break back above that area could lead price to neutral zone in nearest term testing 1.0150 area. Overall I remain neutral.

FX Instructor
FX Instructorhttp://fxinstructor.com/en/
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

Featured Analysis

Learn Forex Trading