Daily pair outlook

The EURUSD was indecisive yesterday. Price traded higher earlier today in Asian session hit 1.1090. The bias is bullish in nearest term but as long as stay below 1.1200 I still prefer a bearish scenario at this phase. Immediate support is seen around 1.1050. A clear break below that area could lead price to neutral zone in nearest term testing 1.1000 support area which need to be clearly broken to the downside to keep the bearish scenario remain strong targeting 1.0700. On the upside, a clear break and daily close above 1.1200 would activate my wait and see mode as direction would become unclear testing 1.1300 – 1.1400 region.


 The GBPUSD was indecisive yesterday, but traded higher earlier today in Asian session hit 1.3091. This fact gives the hammer formation bullish scenario a better chance. The bias is bullish in nearest term testing 1.3220 region. Immediate support is seen around 1.3000. A clear break back below that area could lead price to neutral zone in nearest term testing 1.2950 – 1.2900 region. Overall I remain bearish but as long as stay above 1.2900 – 1.2950 price is still in a bullish correction bias.


 The USDJPY had a strong bullish momentum yesterday topped at 102.89 and hit 103.28 earlier today in Asian session. The bias is bullish in nearest term testing 103.55 which is a good place to sell with a tight stop loss. Immediate support is seen around 102.45. A clear break below that area could lead price to neutral zone in nearest term testing 102.00 – 101.50 region. Overall I still prefer a bearish scenario but as long as stay above 101.50 price is clearly in a bullish correction bias right now. On the upside, a clear break and daily close above 103.55 would expose 105.00 region.


 The USDCHF was indecisive yesterday. The bias is neutral in nearest term but as long as stay above 0.9800 my overall intraday bias remains bullish targeting 1.0000 region. On the downside, a clear break and daily close back below 0.9800 could trigger further bearish pressure testing 0.9760 – 0.9700 region. My major technical outlook is neutral.

EURUSD

Main market movers of the day:

Markets were a mixture of risk appetite, BOE's disillusion, and strong US data, supporting the case for a bullish dollar, in spite of the currency edging lower against most of its major rivals. Sentiment improved once again during the Asian session, with a weakening yen driving the way on renewed expectations of further fiscal and monetary policy in Japan. BOE's decision to maintain its economic policy unchanged resulted in European currencies rallying against the greenback, with the EUR/USD pair extending up to 1.1164, a fresh weekly high. The pair retreated from this last, but held above the 1.1100 figure, settling around 1.1120 by the end of the day

There were no macroeconomic releases in the EU, while the US kept showing encouraging signs of growth, as the producer price index for June rose by 0.3% compared to a year earlier, well above the -0.1% expected. Compared to the previous month, prices rose by 0.5%, also beating expectations of a 0.2% advance. Also, weekly unemployment claims for the week ending July 8th came in at 254K, against market's expectations of 265K, holding at its lowest level since mid-April. The country will release its CPI and Retail Sales figures this Friday, and if data surpasses expectations, the American dollar may rally alongside with Wall Street.

Despite trading higher, the EUR/USD pair remains within its latest 3-week range, contained below 1.1189, the post-Brexit high and the level to surpass to build up a more positive outlook for the common currency. In the 4 hours chart, the price has advanced, and held above a still bearish 100 SMA for the first time since June 24th, whilst the technical indicators turned higher within positive territory, still lacking momentum enough to confirm a steeper advance. A downward move below 1.1080, however, will deny chances of a stronger rally and put the pair back in the bearish track, with 1.1000 then likely.

Support levels: 1.1080 1.1045 1.1000

Resistance levels: 1.1160 1.1200 1.1245

USDJPY

The Japanese yen shed around 1% against the greenback at the beginning of the day, down on improved risk sentiment as things seem to be settling in the UK, whilst Japanese authorities continued fueling speculation of a new round of stimulus coming soon. Etsuro Honda, a key advisor to Prime Minister Abe, said that they discussed the possibility of the government issuing non-marketable perpetual bonds with no maturity date which the BOJ could purchase directly, a form of 'helicopter money.' The USD/JPY surged up to 105.93, with intraday retracements holding above the critical 105.00 level. The technical outlook favors the upside, as in the 1 hour chart, the Momentum indicator heads north within positive territory after erasing early overbought conditions, whilst the RSI consolidates around 58 and the price stands well above a bullish 100 SMA. In the 4 hours chart, the Momentum heads well above its mid-line, but the RSI indicator remains within overbought levels, as the price holds above its moving averages. An extension beyond the mentioned daily high, should see the pair extending its rally, with a major bullish target at 107.80, the 100 DMA.

Support levels: 105.25 104.70 104.30

Resistance levels: 106.00 106.45 106.90

Well it says that it is topic about daily pair outlook so it seems that there will be some short messages with everyday analyze but everything that I see is three messages in topic with the same date. Well will there be another outlooks? Should I subscribe this theme or should I just pass it?

Hero76 posted:
Well it says that it is topic about daily pair outlook so it seems that there will be some short messages with everyday analyze but everything that I see is three messages in topic with the same date. Well will there be another outlooks? Should I subscribe this theme or should I just pass it?

Without any citations, it looks like it's plagiarized work from this site: https://www.hyinvestment.com/english/Education_Marketcommentary.htm

EURUSD Forecast
The EURUSD had a bullish momentum yesterday closed above 1.1200 key resistance. Overall I still prefer a bearish scenario but this fact force me to activate my wait and see mode. The bias is bullish in nearest term testing the lower line of the (violated) bullish channel located around 1.1300 area. A clear break and daily close above that area could trigger further bullish pressure testing 1.1400 region. Immediate support is seen around 1.1170 – 1.1150. A clear break and daily close back below that area would reactivate my bearish mode testing 1.1070/50 or lower.


GBPUSD Forecast
The GBPUSD had a bullish momentum yesterday topped at 1.3365. The bias is bullish in nearest term testing 1.3400/20 but overall I remain bearish and any upside pullback should be seen as a good opportunity to sell. Immediate support is seen around 1.3300. A clear break below that area could lead price to neutral zone in nearest term testing 1.3250 or lower.

USDJPY Forecast
As expected, the USDJPY continued its bearish momentum yesterday bottomed at 100.67. The bias remains bearish in nearest term testing 100.00 area. A clear break and daily close below that area could trigger further bearish pressure retesting 98.80 region. Immediate resistance is seen around 101.50. A clear break above that area could lead price to neutral zone in nearest term testing 102.00 but overall I remain bearish and any upside pullback should be seen as a good opportunity to sell .


USDCHF Forecast
The USDCHF had a bearish momentum yesterday bottomed at 0.9633. The bias remains bearish in nearest term testing 0.9570 and the trend line support which also remains a good place to buy with a tight stop loss. Immediate resistance is seen around 0.9700. A clear break above that area could lead price to neutral zone in nearest term testing 0.9750/70 area. My major technical outlook remains neutral.