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MAJOR TECHS: Euro Turns Lower as 55-DMA Caps; BBDXY Eyes Highs

(Bloomberg) — Daily levels for major currency pairs: EUR/USD — Road to 1.1600 handle remains open as long as 55-DMA caps on a closing basis; BBDXY rally resumes for another attempt at 23.6% Fibonacci retracement of 2017 drop

  • 3rd resistance: 1.1902, 21-DMA
  • 2nd resistance: 1.1862-66, double- bottom on Sept. 20-21
  • 1st resistance: 1.1823, 55-DMA
  • Spot: 1.1766
  • 1st support: 1.1717-21, Sept. 27-28 potential double- bottom
  • 2nd support: 1.1679, 23.6% Fibonacci retracement of 2017 rally
  • 3rd support: 1.1600, H&S price target

USD/JPY — Marginal close above 2017 downtrend last week needs fresh impetus as to confirm bullish breakout toward 114.00

  • 3rd resistance: 114.49, July 11 high
  • 2nd resistance: 114.29, 61.8% Fibonacci retracement of 2017 drop
  • 1st resistance: 113.21-26, Sept. 28-27 highs
  • Spot: 112.84
  • 1st support: 112.19-22, Ichimoku conversion line, Sept. 27 low
  • 2nd support: 111.48-50, Sept. 25-26 double-bottom
  • 3rd support: 110.93, 21-DMA

GBP/USD — Bearish bias materializes on mean reversion; 21-DMA to set the near-term tone

  • 3rd resistance: 1.3514, Sept. 26 high
  • 2nd resistance: 1.3461, Sept. 27 high
  • 1st resistance: 1.3444, Sept. 29 high
  • Spot: 1.3361
  • 1st support: 1.3343, Sept. 28 low
  • 2nd support: 1.3336, 21- DMA
  • 3rd support: 1.3320, 38.2% Fibonacci retracement of rise since Aug. 24

USD/CHF — Strong resistance near 0.9770 holds yet again

  • 3rd resistance: 0.9841, pivot r3
  • 2nd resistance: 0.9808, May 30 high
  • 1st resistance: 0.9766-73, series of highs since June
  • Spot: 0.9716
  • 1st support: 0.9671, Sept. 29 low
  • 2nd support: 0.9653, Sept. 26 low
  • 3rd support: 0.9628-26, 21-, 55-DMAs

EUR/JPY — Test of daily trendline support initiated in mid-June may come into play should 21-DMA support give way

  • 3rd resistance: 134.41-42, Sept. 22 high, 61.8% Fibonacci of 2014-2016 move
  • 2nd resistance: 133.26, Sept. 20 low
  • 1st resistance: 133.12, Sept. 29 high
  • Spot: 132.79
  • 1st support: 132.03, 21-DMA
  • 2nd support: 131.32, daily trendline
  • 3rd support: 130.69, 55-DMA

EUR/GBP — Consolidates at the lows; near-term outlook stays bearish on 21-DMA bearish cross of 55-DMA

  • 3rd resistance: 0.8927, 21-DMA
  • 2nd resistance: 0.8848, Sept. 25 high
  • 1st resistance: 0.8842, Sept. 29 high
  • Spot: 0.8806
  • 1st support: 0.8774, pivot s2
  • 2nd support: 0.8743-46, July 17-Sept. 27 lows
  • 3rd support: 0.8693, 61.8% Fibonacci retracement of rise since April

AUD/USD — Enters after rising wedge breakout target reached

  • 3rd resistance: 0.7960, 21-DMA
  • 2nd resistance: 0.7941, 55-DMA
  • 1st resistance: 0.7889, Sept. 27 high
  • Spot: 0.7815
  • 1st support: 0.7800, Sept. 28 low
  • 2nd support: 0.7786, July 18 low
  • 3rd support: 0.7740, July 13 high

NOK/SEK — Into sideways trading as mean reversion anchors price action

  • 3rd resistance: 1.0368, July 27 high
  • 2nd resistance: 1.0315, Sept. 26 high
  • 1st resistance: 1.0240, 55-DMA
  • Spot: 1.0230
  • 1st support: 1.0185, Sept. 25 low
  • 2nd support: 1.0160, Sept. 21 low
  • 3rd support: 1.0120, Sept. 19 low

EUR/NOK — Triangle formation sees upside breakout risks

  • 3rd resistance: 9.4618, July 13 high
  • 2nd resistance: 9.4308, Sept. 14 high
  • 1st resistance: 9.4196, Sept. 29 high
  • Spot: 9.4026
  • 1st support: 9.3257-9.3399, 55-, 21-DMAs
  • 2nd support: 9.2938, Sept. 27 low
  • 3rd support: 9.2100, 233-DMA

NOTE: Vassilis Karamanis is an FX and rates strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice To contact the reporter on this story: Vassilis Karamanis in Athens at vkaramanis1@bloomberg.net To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net Keith Jenkins

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