FOREX TECHNICAL LEVELS

EURUSD No change in the Euro with the pair still trading within the August range. 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 clear directional move.

USDCHF Again, no change here either 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 Remains vulnerable this morning following the recent rejection off 117.51, the high on Aug 31. A break of this level is now 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 115.74, the 50% retracement of the 113.97 to 117.51 decline which the USD is close to. The 61.8% retracement is at 115.32.

AUDUSD Is likely to extend gains having breached former resistance at 0.7717, the Aug 10 high. The break of this level has exposed 0.7795, the May 11 high. Initial support this morning, comes in at 0.7608, Aug 31 low.

EURGBP still potentially vulnerable following the sell-off last week from Aug 21's 0.6831 high however note that the cross has recently trading close to a key support at 0.6690 which marks the base of a broad triangle. A strong recovery from this level would mark an important bullish signal. Resistance lies at 0.6787, the Aug 23 high. Initial support lies at 0.6720, the Sep 1 low and the low on Aug 9.