Technical Analysis (6 SEP)
Euro – US Dollar
EUR/USD is attempting a bounce toward 1.0750, shrugging off the downbeat German factory data in the European morning on Wednesday. The US Dollar is retreating alongside the US Treasury bond yields, despite a risk-off market mood. EU Retail Sales, US PMIs eyed.
If trading above 1.07429 is traded, the growth will likely continue to 1.08352.
On the other hand, if it trades below the range of 1.08429, the decline is likely to continue to 1.06506.
US Dollar – Japanese Yen
USD/JPY retreats to near 147.50 after hitting a fresh YTD peak, snapping a three-day winning streak. Intervention fears and a softer risk tone underpin the JPY and exert pressure on the pair. The divergent BoJ-Fed policy stance should help limit any meaningful corrective slide.
If the pair continues to trade above the range of 147.247 It is likely to continue climbing to 148.560.
On the other hand, if the pair is traded below 147.247, it is expected to continue falling to 146.695.
British Pound – US Dollar
GBP/USD is advancing toward 1.2600, rebounding from its lowest level since June 13 in early Europe on Wednesday. The pair is underpinned by a broad pullback in the US Dollar from six-month highs, as the focus shifts to the US ISM Services PMI for fresh cues.
If the pair is trading above 1.25763it is expected to climb to the range of 1.26805.
On the other hand, if the pair trades below 1.25763 it is expected to fall to the range 1.24723.
US Dollar – Swiss Franc
USD/CHF consolidates around 0.8890 during the Asian session on Wednesday, grappling to retreat the losses from the previous session. However, the pair experienced downward pressure, primarily driven by the strength of the US Dollar (USD). The yield on the 10-year US Treasury bond rose to 4.25%, up by 1.51%, which is contributing the support in underpinning the US Dollar (USD).
If the pair is trading above 0.88821 it is expected to climb to the range of 0.89411.
On the other hand, if the pair trades below 0.88821 it is expected to fall to the
range 0.88612.
Gold – US Dollar
Gold Price seesaws within a key trading range despite the previous day’s heavy loss. Fears of economic slowdown in Beijing contradict US soft landing chatters and weigh on the Gold Price. US ISM Services PMI, Fed talks eyed for fresh impulse.
If the pair is trading above 1930.33It is expected to climb to the 1935.37 range.
on the other hand, if the pair trades below 1930.30 It is expected to fall to the range of 1916.53
