Daily Forex Preview for September 11, 2015

11 September, 2015

EURUSD Daily Pivots

EURUSD (1.12): EURUSD closed on a very bullish note yesterday but is trading near 1.2845, a major resistance level on the daily chart. A daily close above 1.12845 is needed in order for further upside bias to be confirmed, which could see a rally to 1.15 region. On the intraday charts, the resistance level comes in at 1.13575 - 1.13350 and a rally to this resistance cannot be ruled out. From here, we could anticipate a decline back to the lower support at 1.117 - 1.1135. We can expect to see price action consolidate between these two levels with a potential break out in either direction. To the upside, the main target is at 1.15 while to the downside, 1.10085 is the level to watch.

R3

1.1448

R2

1.1370

R1

1.1325

Pivot

1.1248

S1

1.1200

S2

1.1123

S3

1.1077

USDJPY Daily Pivots

R3

122.643

R2

121.972

R1

121.301

Pivot

120.63

S1

119.959

S2

119.288

S3

118.61

USDJPY (120.8) USDJPY recovered but failed to close above 121.65. Yesterday's daily price action closed in a small bodied candlestick pattern and therefore price could either continue its rally or pause and move sideways. Main resistance at 121.5 is the level to watch on the daily charts. On the intraday time frame, price is within the upper resistance of 121.9 and 119.1 support. A break above 121.9 could see a rally towards 124 while to the downside, below 119.1 the next main support is at 117.25.

GBPUSD Daily Pivots

R3

1.5636

R2

1.5556

R1

1.5500

Pivot

1.5418

S1

1.5363

S2

1.5282

S3

1.5222

GBPUSD (1.54): GBPUSD closed on a bullish engulfing candlestick pattern on the daily charts and we could expect further upside in the near term. The bull flag pattern noted on the intraday charts looks to have been validated with price currently trading near the lower end of the resistance at 1.5455. A measured move target of the bull flag points to a rally towards 1.555. With price breaking out of the falling price channel, we could expect a retracement towards 1.5412. A close below 1.534 could however invalidate the bull flag and set up for a decline lower.

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