HomeContributorsTechnical AnalysisDaily Technical Analysis

Daily Technical Analysis


The EURUSD continued its bearish momentum yesterday bottomed at 1.0739. The bias remains bearish in nearest term testing 1.0700 region. A clear break and daily close below that area would expose 1.0600 region as a part of the “shooting star” formation (daily chart)bearish scenario after the false break above 1.0873 on Monday. Immediate resistance is seen around 1.0785. A clear break above that area could lead price to neutral zone in nearest term testing 1.0825 area. Overall I remain neutral.


The GBPUSD attempted to push lower yesterday bottomed at 1.2375 but whipsawed to the upside and closed higher at 1.2435. The bias is neutral in nearest term but as long as stay below 1.2475 I prefer a bearish scenario at this phase targeting 1.2350 – 1.2300 region as a part of the bearish scenario after fell below the bullish channel as you can see on my H1 chart below. On the upside, a clear break and daily close back above 1.2475 would nullify the current short-term bearish trend testing 1.2530 area or higher. Overall I remain neutral.


The USDJPY was indecisive yesterday. The bias is neutral in nearest term. The “hammer” bullish reversal scenario remains valid and any sustained movement back above 111.30 could create a nice bullish run testing 112.00 – 113.00 region or higher. On the downside, key support remains at 110.10. A clear break below that area would cancel the “hammer” bullish reversal scenario.


The USDCHF continued its bullish momentum yesterday topped at 0.9976. The bias remains bullish in nearest term testing 1.0000 key resistance area which is a good place to sell with a tight stop loss. Immediate support is seen around 0.9935. A clear break below that area could lead price to neutral zone in nearest term testing 0.9900 or lower. 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