Daily Technical Analysis Fri,January 27, 2012

USD/CHF Daily Forecast
The USDCHF was indecisive yesterday. Price attempted to push lower, bottomed at 0.9155 but closed higher at 0.9216. The bias is neutral in nearest term. Potential range is seen between 0.9320 - 0.9050 but I still prefer a bearish intraday scenario at this phase. Selling around 0.9320 seems to be a good idea as we have a good risk - reward ratio there with tight stop loss above 0.9320 targeting 0.9050 area.


USD/JPY Daily Forecast
The USDJPY failed to continue its bullish short term bias yesterday. As you can see on my daily chart below price is now testing the upper line of the previous minor range around 77.33 which could be a key short term support. As long as stays above the minor range the overall short term bias remains to the upside. A clear break and daily close back below 77.33 could trigger further bearish pullback testing 76.60/50. From a broader outlook, I still prefer a bullish scenario at this phase, seeing area above 75.56 (record low) as a buy zone expecting a bullish reversal scenario with a tight stop loss below 75.56.


GBP/USD Daily Forecast
The GBPUSD attempted to push higher yesterday, topped at 1.5731 but further bullish momentum was rejected, closed lower at 1.5674. The bias is neutral in nearest term. As you can see on my daily chart below price slipped above the trend line resistance (red) suggests potential further bullish scenario. Next resistance area to be closely watched is around 1.5770/80. A clear break and daily close above that area would give further bullish confirmation testing 1.6000 area. Immediate support is seen around 1.5625. A clear break below that area could trigger further bearish pullback testing 1.5550 but as long as stays above 1.5000 the bullish outlook should remain intact after bounced from 1.5270 major support.

EUR/USD Daily Forecast
The EURUSD attempted to push higher yesterday, topped at 1.3183 but further bullish momentum was rejected, closed lower at 1.3087. The bias is neutral in nearest term but overall as long as stays above 1.2930 - 1.3000, price is still in a bullish phase with nearest bullish target seen around 1.3250 especially if price able to make another clear break above 1.3183/96 as a part of the bullish scenario since the break above the trend line resistance as you can see on my h4 chart below. Immediate support is seen around 1.3050.