FOREX TECHNICAL LEVELS

EURUSD - Remains marginally firmer this morning having found support at 1.2723 on Aug 25 low. The recent rejection off 1.2941, on Aug 21 and subsequent sell-off however is expected to weigh overall with potential seen for a resumption of weakness and a test of the next key support at 1.2695, Aug 14 low. A break of this level would be seen as a significant bearish development while on the topside, clearance of 1.2941 is required to reinstate a bullish theme.

USDCHF - Recent consolidative price action has now defined 1.2446, Aug 15 high and 1.2183, Aug 21 low as the key near-term directional parameters.

GBPUSD - while the rebound from 1.8775, Aug 18 low was encouraging for aspiring Sterling bulls, only a move beyond 1.9024, Aug 16 peak would undermine our bearish bias expecting a break of 1.8775.

USDJPY - Is expected to maintain a positive theme while support at 116.09, Aug 23 low remains intact. The next upside trigger is located at 117.42, Aug 25 high where a break would pave the way for strength towards 117.89, the July 19 high.

USDCAD - maintains a bearish bias ahead of support at 1.1050, Aug 23 low. A break of this level is expected to yield further downside towards 1.1033, Jun 21 low en route to 1.0962, Jun 12 base and ultimately 1.0932, May 31 trend low. Immediate heavy tone dominates below 1.1161, Aug 23 high.

AUDUSD - continues to appear vulnerable having now probed former support at 0.7562, the Aug 18 low. Intraday support lies at 0.7551, Aug 25 low where a break would expose 0.7524 and 0.7479, the 61.8% and 76.4% retracements of the 0.7406 to 0.7715 advance.

EURCHF - Trapped between 1.5759 and 1.5831: EURCHF remains consolidative between the 1.5759 low from Aug 17 and 1.5831 trend high from Aug 16. In lieu of sub-1.5759 price action, the trend remains up, with the focus on 1.5859 Apr 4 high. Weakness below 1.5759 would be necessary to threaten this view and instead re-focus attention on the 1.5697 reaction low from Jul 31.

EURJPY - remains in clear bullish path with the cross now testing the psychological 150.00 level, a break would pave the way for 150.48 marking the top of a short-term bull channel. 148.48, the Aug 24 low marks support.

EURGBP - still vulnerable following the sell-off last week from Aug 21's 0.6831 high that resulted in a break of a cluster of support between Aug 17's 0.6769 low and 0.6762, the 61.8% retracement of the 0.6720 to 0.6831 advance. In lieu of 0.6831+ price action, the trend remains bearish, with the focus on 0.6720, Aug 9 low.

CHFSEK - Long from 5.8450, targeting 6.9200, with stop-loss at 5.8000.