FOREX TECHNICAL LEVELS

EURUSD spent much of the American session backing and filling the overnight run-up to the 1.2834 new weekly high. While the action from this high had corrective qualities, lacking upside momentum, heavy resistance in the 1.2880 area should prove quite formidable. Support is at the 1.2755 previous high and breakout trigger.

USDCHF followed through to the downside early Friday, knocking out the 1.2394 reaction low from Sep 11. Penetration there leaves little support till the Aug 31 reaction low at 1.2228 before the prominent 1.2183 low from Aug 21. Mild resistance is at Thursday's 1.2545 reaction high.

GBPUSD consolidated the new short-term trend high at 1.2065 on Friday. With solid support running from the Sep 14 1.8920 high to Wednesday's 1.8863 reaction low, focus will remain on the 1.9094 Aug 31 high.

USDJPY consolidated recent declines, but held below initial resistance from the previous breakout low at 116.97. Focus remain on the 115.56 Sep 5 low.

USDCAD sold off sharply after the rally from 1.1029 stalled around the 1.1295 Fibonacci resistance, the 61.8% retracement of the 1.1460 to 1.1029 decline. But this drop stalled right at the 1.1119 support, a reaction low from Sep 14. Mild resistance is at Thursday's 1.1208 reaction high, but only a move above 1.1295 and 1.1298-this week's high-would offset downward pressure for now.

AUDUSD has maintained a choppy path from the Sep 12 0.7482 low, keeping the bearish tone intact from the Sep 4 0.7722 high. Penetration of 0.7482 would open the door toward the 0.7442 Fibonacci support.