Technical Analysis
Euro – US Dollar EUR/USD came under bearish pressure and dropped to its lowest level since mid-June below 1.0850. The data from Germany showed that Services PMI fell into contraction territory below 50 in August, weighing heavily on the Euro. Focus shift to EU PMI readings. If trading above 1.08697 is traded, the growth […]
Euro – US Dollar
EUR/USD came under bearish pressure and dropped to its lowest level since mid-June below 1.0850. The data from Germany showed that Services PMI fell into contraction territory below 50 in August, weighing heavily on the Euro. Focus shift to EU PMI readings.
If trading above 1.08697 is traded, the growth will likely continue to 1.09677.
On the other hand, if it trades below the range of 1.08697, the decline is likely to continue to 1.07717.
US Dollar – Japanese Yen
The USD/JPY loses momentum but holds above the 145.60 mark heading into the early European session on Wednesday.
If the pair continues to trade above the range of 145.890, It will likely continue climbing to 146.286.
On the other hand, if the pair is traded below 145.890, it is expected to continue falling to 144.983.
British Pound – US Dollar
GBP/USD is trading on the front foot near 1.2750 in the European morning this Wednesday. The pair is drawing support from the US Dollar pullback across the board. However, further upside appears elusive amid cautious trading and ahead of UK PMIs.
If the pair is trading above 1.27500it is expected to climb to the range of 1.28322.
On the other hand, if the pair trades below 1.27500 it is expected to fall to the range 1.26680.
US Dollar – Swiss Franc
USD/CHF languishes around 0.8800 as it fades the previous day’s rebound from the 100-SMA heading into Wednesday’s European session. In doing so, the Swiss Franc (CHF) pair portrays the market’s cautious mood ahead of the preliminary readings of the August month Purchasing Managers Indexes (PMIs) for the US.
If the pair is trading above 0.87918 it is expected to climb to the range of 0.88188.
On the other hand, if the pair trades below 0.87918 it is expected to fall to the range 0.87457.
Gold – US Dollar
Gold price gains positive traction for the third successive day on Wednesday. Retreating US bond yields undermines the US Dollar and lends some support. China’s economic woes further boost demand for the safe-haven XAU/USD.
If the pair is trading above 1897.47 It is expected to climb to the 1905.85 range.
On the other hand, if the pair trades below 1897.47 It is expected to fall to the range of 1890.20
