CURRENCIES: The September Euro currency closed up 34 points at 1.3225 yesterday. Prices closed nearer the session high and hit another fresh four-week high yesterday. Bulls have the slight near-term technical advantage. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the June high of 1.3424. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.3000. First resistance for the Euro lies at yesterday’s high of 1.3234 and then at 1.3250. Next support is seen at yesterday’s low of 1.3166 and then at 1.3100. Wyckoff’s Market Rating: 5.5
The September Japanese yen closed up 1 point at 1.0045 yesterday. Prices closed near mid-range. The bears have the overall near-term technical advantage. A five-week-old downtrend is in place on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid resistance at 1.0200. Bears’ next downside breakout objective is closing prices below solid technical support at the July low of .9852. First resistance is seen at yesterday’s high of 1.0090 and then at 1.0116. First support is seen at 1.0000 and then at this week’s low of .9940. Wyckoff’s Market Rating: 3.0.
The September Swiss franc closed up 12 points at 1.0697 yesterday. Prices closed near the session high and closed at a fresh three-week high close yesterday. The bulls have regained the slight near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at the June high of 1.0962. The next downside price breakout objective for the bears is closing prices below solid technical support at 1.0500. First resistance is seen at this week’s high of 1.0733 and then at 1.0800. First support is seen at this week’s low of 1.0628 and then at 1.0600. Wyckoff’s Market Rating: 5.5.
The September Australian dollar closed up 50 points at .9257 yesterday. Prices closed near the session high and closed at a fresh three-week high close on short covering in a bear market. The bears still have the overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at .9300. The next downside breakout objective for the bears is to produce a close below solid technical support at the July low of .8957. First resistance is seen at the July high .9263 and then at .9300. Next support is seen at yesterday’s low of .9187 and then at this week’s low of .9136. Wyckoff’s Market Rating: 2.5
The September Canadian dollar closed up 56 points at .9713 yesterday. Prices closed near the session high and hit another fresh four-week high yesterday. Bulls yesterday regained the slight near-term technical advantage. Bulls’ next upside price breakout objective is producing a close above chart resistance at .9800. The next downside price breakout objective for the bears is closing prices below solid technical support at .9600. First resistance is seen at yesterday’s high of .9713 and then at .9750. First support is seen at .9675 and then at yesterday’s low of .9649. Wyckoff’s Market Rating: 5.5.
The September British pound closed up 26 points at 1.5377 yesterday. Prices closed nearer the session high and hit another fresh four-week high yesterday. Bulls yesterday regained the slight near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at 1.5500. Bears’ next downside technical breakout objective is closing prices below solid support at 1.5150. First resistance is seen at yesterday’s high of 1.5382 and then at 1.5450. First support is seen at 1.5300 and then at this week’s low of 1.5252. Wyckoff’s Market Rating: 5.5.
The September U.S. dollar index closed down .252 at 82.055 yesterday. Prices closed near the session low and hit another fresh four-week low yesterday. The bears have the near-term technical advantage. Bulls’ next upside price breakout objective is to close prices above solid technical resistance at 83.620. The next downside price breakout objective for the bears is to produce a close below solid technical support at 81.500. Next resistance lies at yesterday’s high of 82.470 and then at this week’s high of 82.740. First support is seen at 82.000 and then at 81.750. Wyckoff’s Market Rating: 4.0.
