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MNI US Morning FX Technical Analysis

By Les Castell
     Click below for today's MNI US Morning FX Technical Analysis Report -
     EURO-DOLLAR TECHS: $1.2030-$1.2078 Still In Way Of Fresh Upside Potential
*RES 4: $1.2093 Sep 8 high
*RES 3: $1.2078 1% volatility band
*RES 2: $1.2030 Sep 11 high
*RES 1: $1.2006 Intraday high
*PRICE: $1.1985 @0901GMT 
*SUP 1: $1.1935 Hourly support
*SUP 2: $1.1901/15 Sep 15, Sep 18 lows
*SUP 3: $1.1873 Sep 13 low
*SUP 4: $1.1823/28 Aug 31 low, equality fall from $1.1995
*COMMENTARY* Trying to establish a break above $1.1995 resistance today but
without much success as yet. Above and $1.2030-$1.2078 then stands in the way of
a return to the year's $1.2093 high. In the meantime, support rises to $1.1935
but the $1.1915-$1.1901 area currently provides a stronger base below and likely
protects another attempt on key $1.1828-$1.1823 support. Above $1.2093 and the
long term 50% Fibo retrace at $1.2167 is the next attraction.
CABLE TECHS: Rally Backs Away From 4 year Falling Resistance Line
*RES 4: $1.3635 Equality rise from $1.3382 to $1.3153-$1.3406
*RES 3: $1.3619/22 Sep 18 high, 4 year falling res line
*RES 2: $1.3585 Hourly congestion area Sep 15-18
*RES 1: $1.3552 Intraday high
*PRICE: $1.3493 @0910GMT
*SUP 1: $1.3470 Hourly high Sep 15, now support
*SUP 2: $1.3437 Hourly base Sep 15
*SUP 3: $1.3382 Hourly base Sep 14
*SUP 4: $1.3329 Sep 13 high, now support
*COMMENTARY* A high $1.3619 so far, just below the 4 year falling resistance
line at $1.3622. Has subsequently been correcting some near term overbought
conditions and support from $1.3470 is under pressure at the time of writing.
Any lower and $1.3437 then becomes the protection against a return to $1.3382
and potentially lower, as we correct recent gains from last Thursday's $1.3153
base. Meanwhile, $1.3552-$1.3585 provides resistance.
DOLLAR-YEN TECHS: Dual Resistance Seen From Y112.20 Today
*RES 4: Y112.81 76.4% Fibo of Y114.50-Y107.32
*RES 3: Y112.42 Jul 20 high
*RES 2: Y112.20 Jul 26 high, 2% volatility band
*RES 1: Y111.88 Intraday high
*PRICE: Y111.65 @0921GMT
*SUP 1: Y111.34 Sep 15 high, now support
*SUP 2: Y111.10 Hourly highs Sep 15, now support
*SUP 3: Y110.90 Hourly congestion area Sep 15
*SUP 4: Y110.62 Hourly base Sep 15
*COMMENTARY* The 'Doji' candle close on Sep 8 continues to power the recovery.
Now pushing slightly through the next upside barrier, the 61.8% Fibo retrace
level at Y111.76. A sustained break here and the 2% volatility band and Jul 26
high at Y112.20 can inhibit further Y112.42-Y112.81 gains. Support continues to
rise, the Y111.34-Y110.90 area now the protection to the next key level at
Y110.62 level. Loss here would caution now.
EURO-YEN TECHS: Rally Now Faces Several Obstacles Between Y134.19-Y134.61
*RES 4: Y134.61 November 2015 high
*RES 3: Y134.41 61.8% Fibo of Y149.80-Y109.51
*RES 2: Y134.34 Median line drawn off Apr,Jun lows, Aug highs
*RES 1: Y134.19 2% volatility band
*PRICE: Y133.76 @0934GMT
*SUP 1: Y133.43 Sep 18 high, now support
*SUP 2: Y133.10 Sep 15 high, now support
*SUP 3: Y132.63 Sep 18 low
*SUP 4: Y132.28 Hourly base Sep 15
*COMMENTARY* Fresh strength has seen resistance from both Y133.69 and Y133.79
give way today. The upside is now confronted with several potential obstacles in
the Y134's beginning with the upper 2% volatility band at Y134.19. Through here
and the 5 month median line and 61.8% Fibo retrace present the next
Y134.34-Y134.41 barrier, ahead of the November 2015 high at Y134.61. Meanwhile,
support rises to Y133.43-Y133.10, protecting the Sep 18 low at Y132.63.
EURO-STERLING TECHS: Recovery Now Challenging Key Stg0.8900-Stg0.8908 Resistance
*RES 4: Stg0.9037/40 Sep 13, 14 highs, 50% Fibo retrace
*RES 3: Stg0.8991 1% volatility band
*RES 2: Stg0.8977/82 38.2% Stg0.9306-Stg0.8774, Sep 12 low
*RES 1: Stg0.8900/08 23.6% Fibo retrace, recovery high Sep 14
*PRICE: Stg0.8877 @0950GMT
*SUP 1: Stg0.8840/50 Hourly support
*SUP 2: Stg0.8829 Initial recovery high Sep 15, now support
*SUP 3: Stg0.8805 Hourly congestion highs Sep 15, Sep 18
*SUP 4: Stg0.8774 Sep 15 low
*COMMENTARY* Managed to contain the fall at Stg0.8774 and as  a result became
oversold in the near term. The move above Stg0.8878 now allows a test to the key
resistance area set between Stg0.8900-Stg0.8908. This the 23.6% Fibo of the
Stg0.9306-Stg0.8774 fall, as well as the recovery high on Sep 14. Through here
needed to inject real impetus to the recovery. Support Stg0.8850-40 with
Stg0.8829-Stg0.8805 of more importance below.
GOLD TECHS: Correcting After Rally Falters Below 9 Month Channel Top
*RES 4: $1340.5 Sep 11 high
*RES 3: $1334.5 Sep 14 high
*RES 2: $1327.6 Hourly recovery high Sep 15
*RES 1: $1315.7 Sep 14 low, now resistance
*PRICE: $1308.3 @0955GMT
*SUP 1: $1304.7 Sep 18 low
*SUP 2: $1297.3 Aug 31 low
*SUP 3: $1292.3 Aug 11 high, now support
*SUP 4: $1281.2 50% Fibo of $1204.8-$1357.7
*COMMENTARY* The pullback from the month's $1357.7 high continues, now reaching
down below $1311.6, a 76.4% Fibo retrace of the most recent gains from the Aug
31 low at $1297.3 and also the 2 month rising support line, at $1309.7 by time
today. This sees the Aug 31 low at $1297.3 as the next downside attraction. In
the interim, resistance falls to $1315.7, above needed for some near term
--MNI London Bureau;tel: +44 207-862-7495; email: