The September Dollar was lower due to profit taking in overnight trading as it consolidates some of last week's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, June's high crossing at 84.00 is the next upside target. Closes below the 20-day moving average crossing at 82.49 would temper the near-term friendly outlook. First resistance is Tuesday's high crossing at 83.65. Second resistance is June's high crossing at 84.00. First support is the 20-day moving average crossing at 82.49. Second support is the reaction low crossing at 81.56.
The September Euro was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, weekly support crossing at 118.74 is the next downside target. Closes above the 20-day moving average crossing at 125.16 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 125.16. Second resistance is the reaction high crossing at 127.03. First support is Tuesday's low crossing at 122.46. Second support is weekly support crossing at 118.74.
The September British Pound was higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the reaction low crossing at 1.5397 is the next downside target. If September renews the rally off June's low, the 62% retracement level of the April-June decline crossing at 1.5890 is the next upside target. First resistance is the 50% retracement level of the April-June decline crossing at 1.5771. Second resistance is the 62% retracement level of the April-June decline crossing at 1.5890. First support is the reaction low crossing at 1.5397. Second support is June's low crossing at 1.5266.
The September Swiss Franc was higher due to short covering overnight as it consolidates some of the decline off June's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, weekly support crossing at .9935 is the next downside target. Closes above the 20-day moving average crossing at .10434 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at .10434. Second resistance is the reaction high crossing at .10588. First support is Tuesday's low crossing at .10204. Second support is weekly support crossing at .9935.
The September Canadian Dollar was higher due to short covering overnight as it consolidates some of the decline off last week's high. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 97.63 would temper the near-term friendly outlook. If September renews the rally off June's low, the 62% retracement level of this spring's decline crossing at 99.33 is the next upside target. First resistance is last Thursday's high crossing at 98.85. Second resistance is the 62% retracement level of this spring's decline crossing at 99.33. First support is the 20-day moving average crossing at 97.63. Second support is the reaction low crossing at 96.32.
The September Japanese Yen was higher overnight as it extends the trading range of the past two weeks. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at .12653 would renew the rally off June's low. If September renews the decline off June's high, the 50% retracement level of the March-June rally crossing at .12404 is the next downside target. First resistance is the reaction high crossing at .12653. Second resistance is June's high crossing at .12895. First support is June's low crossing at .12416. Second support is the 50% retracement level of the March-June rally crossing at .12404.
To receive INO.com‘s Daily Market Analysis & Commentary click here
