Forex Technical Analysis: EUR, JPY, CHF, GBP
The EUR/USD gaped lower early hitting 1.0952.
The bias is Bearish near term testing 1.0900.
1st resistance is seen at 1.1050. A clear break above that mark may trigger Bullish pressure filling the gap and testing 1.1130.
Overall, remain Bearish and any Northside move should be seen as a good selling opportunity.
Great British Pound (GBP)
The GBP/USD corrected lower last week bottoming at 1.5666.
The bias is Neutral near term with Bearish bias testing at 1.5600.
1st resistance is seen at 1.5750. A clear break above that mark may cause Bullish pressure for a test of Key resistance at 1.5800, a clear break North give the Bullish scenario another shot at 1.6000.
Japanese Yen (JPY)
The USD/JPY gaped lower early hitting 122.09, then traded higher to 123.10.
The bias is Neutral near term with a Bearish bias, as long as stays above 122.00, Bullish outlook in place.
1st resistance is seen at 123.50. A clear break above that mark may cause Bullish pressure for a test at 124.00/50.
Swiss Franc (CHF)
The USD/CHF saw Bullish momentum last week topping at 0.9414.
The bias is Bullish near term for a teat at 0.9420. A clear break and daily close above that mark may put Bullish pressure for a teat of the 0.9500/40 zone.
1st support is seen at 0.9350. A clear break below that mark may push price to Neutral for a test of support at 0.9300/255.
Technical outlook is still Neutral.
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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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