Daily Technical Analysis


Daily Forex Technicals |


Written by FX Instructor |


Nov 02 16 02:37 GMT



The EURUSD had a bullish momentum yesterday topped at 1.1069. As you can see on my H1 chart below price broke above the upper line of the bullish channel after bounced from H1 EMA 200 support, suggests a strong and valid bullish condition. The bias is bullish in nearest term testing 1.1150. Immediate support is seen around 1.1000. A clear break back below that area could lead price to neutral zone in nearest term but only a clear break back below 1.0950 would end the current bullish phase. Overall I remain neutral.


The GBPUSD was indecisive yesterday. As you can see on my H1 chart below, price has been moving sideways after hit 1.2000 key support. The bias remains bullish in nearest term testing 1.2300/50 area. Immediate support is seen around 1.2220. A clear break below that area could lead price to neutral zone in nearest term testing 1.2150 area. Overall I remain bearish but as long as stay above 1.2000 key support, the hammer formation bullish correction/reversal scenario (daily chart) should remain valid.


The USDJPY had a bearish momentum yesterday bottomed at 103.79. The bias is bearish in nearest term testing the lower line of the bullish channel and 103.50 key support. A clear break and daily close below that area would end the bullish correction phase and reactivate my bearish mode with nearest target seen around 102.50. Immediate resistance is seen around 104.50. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish phase alive and kicking testing 105.00 or higher.


The USDCHF had a bearish momentum yesterday closed below the daily EMA 200 as you can see on my daily chart below as a part of the “shooting star” bearish scenario. The bias remains bearish in nearest term testing 0.9650. Immediate resistance is seen around 0.9780. A clear break above that area could lead price to neutral zone in nearest term testing 0.9820 area. Overall I remain neutral.

 

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