FOREX TECHNICAL LEVELS

EURUSD briefly extended declines early Monday, fizzling just in front of the 1.2641 Fibonacci support. This level marked the 61.8% retracement of the 1.2456-1.2941 rise. The recovery from 1.2647 fell short of even mild resistance at 1.2759, a small reaction high from last Thursday. Only a move above this area would relieve recent downward pressure.

USDCHF consolidated gains within the bull channel from 1.2183. Further corrective pressures are possible, but only a break of the small reaction low from last Monday at 1.2327 would shift focus away from the 1.2548 Jul 25 reaction high.

GBPUSD remains heavy after violating yet another support, 1.8618-the 50% retracement of the 1.8090-1.9146 rise. Only a move above last Thursday's 1.8784 small reaction high would shift focus away from the 61.8% support at 1.8493.

USDJPY showed signs of life after moving above the 117.51 Aug 31 notable high, but there's an even more important one at 117.89, the trend high from Jul 19. Penetration there would leave little in the way of resistance till the 118.90 Apr 11 reaction high. Only a break of Monday's 116.60 low would relieve upside pressures.

USDCAD keeps its upward focus on resistance at 1.1275, a reaction high from Aug 18. Not far off is 1.1295, the .618 retracement of the 1.1460-1.1029 decline. Mild support is around 1.1141, a previous high and former breakout point.

AUDUSD remained heavy after last week's late break of the Aug 25 reaction low at 0.7551. Penetration there has the door toward the 0.7440 Fibonacci retracement, marking the 61.8% retracement of the 0.7269-0.7717 rise. Mild resistance is at 0.7607, a small reaction high from last Thursday