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Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 135249, member: 29894"] [B][B]Profiforex Weekly Market outlook on Major Currency pairs[/B][/B] [I]September 3rd - 8th [/I] [B]EURUSD[/B] At the start of last week, price went up and tested the resistance line at 1.2050, then a bearish correction pulled it down to about 200pips below. This week, the pairs outlook is bullish in the long term and bearish in the short term. It will not be easy for the pair to cross the resistant line at 1.2050, rather there are potential targets of 1.1850 and 1.1800 support lines. Looking ahead, market participants are very cautious as the key ECB meeting on Thursday approaches. On the technical side, a break above 1.1904 would pave way to 1.1981 and 1.2069. Key Levels: R1- 1.1889, R2- 1.1895, R3- 1.1902, S1- 1.1875, S2- 1.1868, S3- 1.1861. [B]USDCHF[/B] The pair has failed to move past the support level at 0.9450 and resistant level at 0.9650 for about 5 weeks now. This week is probably going to be an exception, as price could break the resistant level at 0.9750 or the support level at 0.9450. The outlook for the USDCHF remains neutral. Key Levels: R1- 0.9622, R2- 0.9632, R3- 0.9648. S1 0.9595, S2- 0.9579, S3- 0.9568 [B]GBPUSD[/B] The GBPUSD remains bearish on the long term and is expected to test the accumulation territories at 1.2900 and 1.2800. Market participants now look toward the release of construction PMI from the UK for some trading impetus during the European session on Monday. The U.S market will remain closed in observance of Labor Day. Key Levels: R1- 1.2960, R2- 1.2976, R3- 1.2987. S1- 1.2954, S2- 1.2943, S3- 1.2937 [B]USDJPY[/B] The pair was seen moving up and down its demand and supply level last week. The demand level at 108.50 was tested before a reversal that took the price back to supply level at 110.50. The pair closed on Friday last week above the demand level at 110.00. This week, the pair is expected to be bearish. Movement below the demand level at 109.00 will trigger the current bias. Any recovery attempts might continue to trigger some fresh supplies near the 110.00 handle. One of the key factors weighing on the USDJPY is the escalated geopolitical tensions in North Korea, but it has made some gains because of the U.S treasury Yield bonds. Key Levels: R1- 109.99, R2- 110.14, R3- 110.37. S1- 109.60, S2- 109.37, S3- 109.22.[I] [/I] [/QUOTE]
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