Forex Technical Analysis: EUR, JPY, CHF, GBP
The EUR/USD continued its Bullishness topping 1.1265.
The bias is Bullish near term test 1.1350.
There is a CCI bearish divergence as you can see on hourly chart below suggesting a potential Bearish pullback.
1st support is seen at 1.1180. A clear break below that mark could push price to Neutral and a test at 1.1100 – 1.1040.
Overall, am Bullish and any Southside pullback in here should be seen as a buy opportunity.
Great British Poound (GBP)
The GBP/USD did not extend its Bullish momentum of Thursday after formed a double top, as you can see on the hourly below, it bottomed at 1.5302.
The bias is Bearish near term testing 1.5280.
Overall, prefer a Bullish scenario in here, and any Southside pullback now should be seen as a good buying opportunity.
1st resistance is seen at 1.5385. A clear break above that mark could drive price to Neutral near term, but the Bullish scenario remains strong for a test at 1.5500.
Japanese Yen (JPY)
The USD/JPY saw volatile, indecisive action Thursday. The bias is Neutral in near term with some Bullish bias testing to the 120.00/35 area.
1st support is seen at 119.25. A clear break below that mark may cause some Bearish pressure for a test of 118.50.
Overall, technical outlook is Neutral, standing aside waiting for directions.
Swiss Franc (CHF)
The USD/CHF continued its Bearish action Thursday bottomed at 0.9306.
The bias is Bearish in near term testing 0.9250 – 0.9200.
1st resistance is seen at 0.9385. A clear break above that mark could drive the price to Neutral and testing 0.9445, any Northside pullback now should be seen as a good selling opportunity.
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After finding a trading system that works for you, the more cryptic and esoteric fields of study can then be incorporated into your technical and trading toolbox.The bottom line when utilizing any type of analytical method, technical or otherwise, is to hold to the basics, which are methodologies with a proven track record over a long period.
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader.
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