Daily Technical

European Forex Technicals: Dollar Recovers From Weakness

Intraday EUR/USD: The euro is continuing to recover versus the greenback, and has so far reached $1.4482 Monday morning. However, in the next couple of hours a retest of $1.4315 minor support, the Sept. 4 low, is likely to take place. As long as this holds minor resistance at $1.4430, the Sept. 8 high, might well be retested. Minor support below $1.4315 is found around $1.4233, Friday’s peak, and at $1.4180, the Sept. 10 high.

Weekly chart EUR/USD trend: Bearish.

Intraday USD/JPY: The dollar dropped to its 78.6% Fibonacci retracement of the July-August decline at Y105.25 before recovering slightly. Minor support above this level is seen around Y105.53, the Sept. 5 low. As long as it holds a minor recovery towards Y106.07, Thursday’s low, may be on the cards.

Weekly chart USD/JPY trend: Bearish.

Intraday GBP/USD: Sterling shot up to $1.8124 Monday morning, but has been capped by this level. Provided it continues to do so, a fall back towards $1.7974 minor support, the Sept. 8 high, may be on the cards. Further support is found around $1.7953, Friday’s peak. Minor resistance above $1.8124 sits at $1.8176, the Aug. 29 low.

Weekly chart GBP/USD trend: Bearish.

Intraday USD/CHF: The dollar dropped to CHF1.1059 Monday morning, a decline through which will have CHF1.1008 minor support, the Sept. 4 low, in sight. A recovery towards CHF1.1172 minor resistance is f ar more probable though. This level corresponds to the Sept. 3 peak. Further up, resistance is found around CHF1.1250.

Weekly chart USD/CHF trend: Bullish.

Intraday EUR/GBP: The euro briefly shot up to GBP0.8007 before heading lower again Monday morning. The currency pair now eyes minor support around GBP0.7922, Thursday’s low, a decline through which has GBP0.7912, last week’s low, in sight. Further support comes in at GBP0.7898.

Weekly chart EUR/GBP trend: Capped.

Intraday EUR/JPY: The euro has come off Friday’s high at Y153.56 and is hovering above Y150.81, Monday morning’s intraday low. Below this, support is found around Y150.50 and at the major psychological Y150 level. Minor resistance is found around Y151.68, the Sept. 8 low, and at Y152.90, Monday’s intraday high.

Weekly chart EUR/JPY trend: Bearish.

Intraday EUR/CHF: The euro changes direction from Friday, and now approaches minor support around CHF1.5933. This is where Thursday’s high was made. Further support comes in at CHF1.5900, Friday’s low. First and second resistance levels are found around CHF1.6014 and at CHF1.6045, the Sept. 3 low and Sept. 4 high.

Weekly chart EUR/CHF trend: Bearish.

Intraday AUD/USD: The Australian dollar briefly reached US$0.8258 minor resistance before giving back its early Monday morning gains. It now falls back towards US$0.8128 minor support, the Sept. 10 high. Further support is found around US$0.8098. Minor resistance above US$0.8258 sits at US$0.8272, the Sept. 2 low.

Weekly chart AUD/USD trend: Bearish.

By One Financial

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