Daily Technical Analysis

EURUSD

The EURUSD had a bearish momentum yesterday bottomed at 1.1239. The shooting star formation I showed you yesterday gave us a valid bearish signal. The bias is bearish in nearest term testing 1.1150 and the lower line of the bullish channel which remains a good place to buy with a tight stop loss. Immediate resistance is seen around 1.1285. A clear break back above that area could lead price to neutral zone in nearest term testing 1.1350 region. On the downside, a clear break and daily close below the bullish channel would activate my bearish mode with nearest target seen around 1.1000.

GBPUSD

The GBPUSD attempted to push higher yesterday topped at 1.4781 but whipsawed to the downside and closed lower at 1.4649. The bias is neutral in nearest term probably with a little bearish bias as we may have a false breakout (above 1.4700) scenario, testing 1.4600 area. On the upside, 1.4700 remains a key resistance. A clear break and daily close above that area would activate my bullish mode.

USDJPY

The USDJPY had a bullish momentum yesterday, slipped above 104.80 but still unable to make a clear break above the range area as you can see on my H1 chart below. The bias is bullish in nearest term especially if price able to make a clear break above 104.80 testing 105.50 area or higher. Immediate support is seen around 104.35. A clear break below that area could lead price to neutral zone in nearest term but could create a false breakout bearish scenario retesting 103.55 key support.

USDCHF

The USDCHF had another indecisive movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term and we need a clear break from the range area (0.9570 – 0.9670) to see clearer direction. Overall I still prefer a bearish scenario and expecting a clear break below 0.9570 targeting 0.9470 area or lower.

Source: Actionforex