Daily Technical Analysis

EURUSD

The EURUSD attempted to push higher yesterday topped at 1.3241 but whipsawed to the downside and closed at 1.3178. As you can see on my hourly chart below price is moving inside a bullish channel suggests a bullish phase but the bias is neutral in nearest term probably with a little bearish bias testing the lower line of the bullish channel and 1.3145 – 1.3115 support area. On the upside, we need a consistent movement above 1.3200/50 to continue the bullish phase testing 1.3320 area.

GBPUSD

The GBPUSD attempted to push higher yesterday topped at 1.5604 but closed lower and hit 1.5541 earlier today. As you can see on my hourly chart below price is still moving inside a bullish channel suggests a bullish phase but the bias is neutral in nearest term probably with a little bearish bias testing 1.5525 – 1.5480 support area. A clear break and daily close below that area would interrupt the bullish correction phase. My major bearish scenario remains valid with 1.5600 (daily EMA 200) as key resistance. A clear break above that area would interrupt the major bearish scenario.

USDJPY

The USDJPY was indecisive yesterday but overall still able to maintain its bearish correction bias. There are no changes in my technical outlook. The bias remains bearish in nearest term challenging 96.70. A clear break and daily/weekly close below that area could trigger further bearish correction. Immediate resistance is seen around 97.50. A clear break above that area could lead price to neutral zone in nearest term testing 98.00/30 which needs to be clearly broken to the upside to interrupt the current bearish correction phase after bounced from 99.90 key resistance.

USDCHF

The USDCHF continued its bearish momentum yesterday but still unable to break below 0.9250 support area so far. The bias is neutral in nearest term. Immediate resistance is seen around 0.9300 followed by 0.9350. On the downside, we need a clear break below 0.9250 to continue the bearish phase after bounced from the trend line resistance testing 1.9200 – 0.9150. My major technical outlook remains unclear.

IMOH, Clement I.
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