FOREX TECHNICAL LEVELS

EURUSD has maintained a tight range this week so far, consolidating the sharp decline last week. This consolidation is hovering just above the 61.8% retracement of the 1.2456 to 1.2941 rally at 1.2641, a break of which would open the door toward the 76.4% retracement at 1.2570. Only a move above last Thursday's 1.2759 reaction high would offset broader downward pressures.

USDCHF consolidated Tuesday's rally to new trend highs, but held well above important support at Monday's 1.2394 reaction low. Only a break there would put the bull channel from 1.2228 on hold. So until then, keep focus on the 1.2597 Jul 19 high.

GBPUSD slowed in its corrective recovery from 1.8601, stalled by the 1.8784 reaction high from last Thursday and the nearby Fibonacci retracement at 1.8789, the .382 retracement of the 1.9094-1.8601 decline. Only a move above there would shift focus away from support at 1.8493, the 61.8% of the 1.8090-1.9146 rise.

USDJPY consolidated Tuesday's push above the Jul 19 117.89 high, holding well above support the Sep 11 116.60 reaction low support. There's little in the way of significant resistance above the current 118.16 trend high till the 118.90 Apr 11 reaction high, followed by other reaction highs at 119.21 and 119.41, from Mar 13 and Feb 2, respectively.

USDCAD maintains a slight upward bias in the near run, keeping 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 is consolidating its recent selloff from 0.7722, but holding below congestion in the 0.7543 to 0.7551 area. Only a move above there would likely spark a notable relief rally, shifting focus away from 0.7440, the 61.8% retracement of the 0.7269-0.7717 rise.