FOREX TECHNICAL LEVELS

EURUSD Starts off this weeks still trading within the range that contained activity in August. The key parameters to note are 1.2941, Aug 21 high and 1.2695, Aug 14 low where a break is required to provide the next directional move.

USDCHF Again, no change here with recent consolidative price action having defined 1.2446, Aug 15 high and 1.2183, Aug 21 low as the key near-term directional parameters.

GBPUSD recent gains did result in a break of the former 1.9024, Aug 16 resistance paving the way for a climb towards key resistance at 1.9146, the Aug 8 high. On the downside, primary support lies at 1.8775. Initial support lies at 1.8830, the Aug 25 low.

USDJPY Has stalled at 117.51, the high registered on Aug 31. A break of this level is required to reinstate a bullish theme and expose 117.89, the July 19 high. In lieu of such a break, the recent sell-off suggests potential for a deeper retracement towards 116.16 and 115.74. These levels mark the 38.2% and 50% retracements of the 113.97 to 117.51 decline. Note too that short-term trendline resistance has been breached.

USDCAD maintains a weaker outlook with the focus on the June 12 low of 1.0958 and the May low of 1.0929 which is also the multi-year trend low. Look for resistance to come in at 1.1136, the Aug 24 low.

AUDUSD Continues to climb with the focus now on 0.7717, the Aug 10 high. A break of this resistance would expose 0.7795, the May 11 high. Initial support this morning, comes in at 0.7608, Aug 31 low.