Daily Technical Analysis Thu,January 26, 2012

[fxpulsation]

Daily Technical Analysis Thu,January 26, 2012

EUR/USD Daily Forecast

The EURUSD attempted to push lower yesterday, bottomed at 1.2930 but whipsawed to the upside and closed higher at 1.3105. This

fact keeps the nearest term bias remains strongly to the upside testing 1.3160 resistance area. As you can see on my h4 chart

below, another trend line resistance has been broken to the upside. Above 1.3160, the next nearest bullish target is seen around

1.3250 region. From a broader outlook, the break above the 200 - 4 hour - EMA and 1.3000 resistance area this week could create

further bullish scenario testing 1.3530 area. Immediate support is seen around 1.3050. A clear break below that area could lead

price to neutral zone in nearest term but as long as stays above 1.2930 the overall intraday technical bias remains strongly to

the upside.

GBP/USD Daily Forecast

The GBPUSD attempted to push lower yesterday, bottomed at 1.5532 but whipsawed to the upside and closed higher at 1.5656. This

fact keeps the nearest term bullish bias since the rejection to move consistently below 1.5270 support area remains strong. As

you can see on my daily chart below price is now testing the trend line resistance (red) and 1.5650 - 1.5700 resistance area. A

clear break and daily close above the trend line resistance could trigger further bullish scenario testing 1.5800 even 1.6000

region. Immediate support is seen around 1.5600. A clear break below that area could lead price to neutral zone in nearest term

but as long as stays above 1.5500 my overall intraday bias remains to the upside.

USD/CHF Daily Forecast

The USDCHF attempted to push higher yesterday, slipped above 0.9320 but whipsawed to the downside on broad US Dollar weakness and

closed lower at 0.9217. The bias is bearish in nearest term especially if price able to make a clear break below 0.9200 testing

0.9050 - 0.9000 support area. On the upside, only a clear break and daily close back above 0.9320 could stop the current strong

bearish intraday outlook after the failure to break above 0.9600 this month.

USD/JPY Daily Forecast

The USDJPY attempted to push higher yesterday after the break above the minor range as you can see on my daily chart below, but

further bullish momentum was rejected after found good resistance at 78.27 and closed lower at 77.77. The bias is neutral in

nearest term but with a little bit bullish intraday bias. A clear break and daily close above 78.27 could trigger further bullish

scenario testing 79.52 key resistance area. From a broader outlook, I still prefer a bullish scenario at this phase, seeing area

above 75.56 as a buy zone expecting a bullish reversal scenario with a tight stop loss below 75.56.

Daily Forecast for Crosses

EURJPY Forecast

The EURJPY continued its bullish momentum yesterday after the break above 100.74 key resistance area, closed at 101.92. This fact

not only could continue the nearest term bullish bias testing 102.48 but also could trigger further bullish scenario testing the

major trend line resistance (white) and 103.85. Immediate support is seen around 101.00 - 100.74. A clear break below that area

could lead price to neutral zone in nearest term as direction would become unclear.

GBPJPY Forecast

The GBPJPY continued its bullish bias yesterday after the break above the trend line resistance (red) as you can see on my daily

chart below. The bias remains bullish in nearest term testing 122.62 resistance area. My major bearish scenario should remains

intact but a clear break and daily close above 122.62 could be a beginning of a major bullish reversal scenario at least testing

125.50 area. Immediate support is seen around 121.00. A clear break below that area could lead price to neutral zone in nearest

term but only a clear break and daily close back below 120.00 could stop the current strong bullish phase.

AUDUSD Forecast

The AUDUSD continued its bullish momentum yesterday, topped at 1.0618 and closed at 1.0590. This fact keeps the bullish

continuation scenario since the break above the ascending triangle remains strong testing 1.0751 area. Immediate support is seen

around 1.0550. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 1.0400

my overall intraday technical bias remains to the upside.

More FOREX-news on pages InstaForex.Com