Daily Forex Preview for September 03, 2015

September 3, 2015

EURUSD Daily Pivots

​EURUSD (1.12): EURUSD closed on a bearish note yesterday as expected and today's price action could be crucial. With the reversal off the main support level near 1.12845, the next lower support comes in at 1.10408 on the daily chart. Price is also trending below the rising price channel which could indicate a continued move to the downside. On the intraday charts support is at 1.117 - 1.1135 level and we could either expect a bounce off this support to retest the break out near 1.122 before declining lower or a renewed leg in the bullish momentum. To the upside, any rallies are likely to stall near the next main resistance at 1.13575 - 1.1335.

R3

1.1395

R2

1.1357

R1

1.1291

Pivot

1.1253

S1

1.1186

S2

1.1149

S3

1.1082

USDJPY Daily Pivots

R3

122.016

R2

121.248

R1

120.787

Pivot

120.001

S1

119.540

S2

118.754

S3

118.293

USDJPY (120.5): USDJPY is continuing to push higher and if this bullish momentum stays, we could expect a test to 121.5 level of resistance. On the intraday charts, the most immediate resistance is at 120.8 followed by 121.7 regions. A close above 120.8 could see a test higher with a consolidation most likely to keep prices trading sideways. To the downside, if 120.8 resistance holds, USDJPY could decline to the next main support at 119.10.

GBPUSD Daily Pivots

R3

1.5389

R2

1.5357

R1

1.5328

Pivot

1.5295

S1

1.5267

S2

1.5234

S3

1.5206

GBPUSD (1.52): GBPUSD looks to have lost to the bearish momentum as price is trading within the daily support levels of 1.533 and 1.53. The next main support is at 1.52 region which could be easily tested on a retest back to 1.533 level of resistance. In the event that the Cable manages to rise above 1.533, GBPUSD could test the next main resistance at 1.5455. Below 1.53, the next main support that could be tested comes in at 1.50.

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