Daily analysis for major currencies 2013.09.03

GBPUSD:

The outlook has grown increasingly bearish since

GBPUSD had remained below its latest swing high at (1.5635). If this resistance level is broken to the upside,

the outlook will deteriorate. Look for short positions for today`s trading session.

Our View:

Pivot: 1.5572

Entry: short positions below 1.5572

Targets: 1.5503, 1.5427 then 1.5371 in extension

Stop: above 1.5610

Alternative scenario: break above 1.5610 will call for 1.5635 where you will Re-entry

short if first position done it stoploss

Res: 1.5587- 1.5633- 1.5674- 1.5716

Sup: 1.5500 - 1.5459 - 1.5413 - 1.5323

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EURUSD:

It’s likely that EURUSD will decline. A break above (1.3225) could

be a threat to the bearish scenario targeting (1.3312) even (1.3338). On the downside, immediate support is

at (1.3185). Break below that area should keep the major bearish scenario intact testing (1.3102) area Our bias

is on selling EURUSD with a stop loss above (1.3225) for today.

Our View:

Pivot: 1.3225

Entry: short positions below 1.3225

Targets: 1.3185 , 1.3102 then 1.3020 in extension

Stop: above 1.3275

Alternative scenario: break above 1.3275 will call for 1.3312 where

you will Re-entry short if first position done it stoploss.

Res: 1.3216 - 1.3242 - 1.3259 - 1.3275

Sup: 1.3173  - 1.3156 - 1.3130 - 1.3075

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USDCHF:

The outlook has grown increasingly bullish since USDCHF

had remained above its latest swing low at (0.9300). If this support level is broken to the downside, the outlook

will deteriorate. Buy on depth for today with a stop loss below (0.9300).

Our View:

Pivot: 0.9210

Entry: Long positions above 0.9210

Targets: 0.9340 , 0.9375 then 0.9410 in extension

Stop: below 0.9285

Alternative scenario: break below 0.9285 may put 0.9245 where

you Re-entry short if first position done it stoploss

Res: 0.9356 - 0.9371 - 0.9394 - 0.9418                   

Sup: 0.9318 - 0.9295 - 0.9280 - 0.9252

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