USD/JPY

USD/JPY has extended the weekly south run to 105.30, down 0.16% intraday in early Wednesday. The market’s cautious sentiment ahead of the US Federal Reserve monetary policy and trade-negative headlines from the US and Canada adds to the pair’s weakness. USD/JPY could find support at 105.24 and a fall through may take it further to the support level of 105.16. On the other side, resistance could stand at 105.44, and a rise through may take it to the next resistance level of 105.53.
USDJPY-16-09-2020

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 104.67 104.98 105.21 105.52 105.75 106.06 106.28
1 WEEK 105.19 105.49 105.81 106.10 106.42 106.71 107.03
1 MONTH 103.02 104.06 104.98 106.02 106.94 107.98 108.90

EURUSD

EUR/USD has recovered early Asian session lows, possibly tracking a continued rally in China’s yuan. The pair is currently trading mostly unchanged on the day at 1.1848, having hit a low of 1.1829 in early Wednesday. However, big gains may remain elusive in Europe on caution ahead of Federal Reserve’s rate decision. The Fed is expected to reiterate the dovish stance. EUR/USD could find support at 1.1836 and a fall through may take it further to the support level of 1.1822. On the other side, resistance could stand at 1.1861, and a rise through may take it to the next resistance level of 1.1877.
EURUSD-16-09-2020

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.1760 1.1799 1.1821 1.1861 1.1883 1.1923 1.1945
1 WEEK 1.1593 1.1673 1.1758 1.1838 1.1923 1.2003 1.2088
1 MONTH 1.1495 1.1595 1.1765 1.1866 1.2036 1.2137 1.2307

GBPUSD

GBP/USD stays below 1.29, as the UK annualized CPI beats estimates with 0.2% in August. UK CPI rose 0.2% YoY in Aug vs. 0% expected while the Monthly UK CPI arrives at -0.4% in Aug vs. -0.6% expected. The pair remained capped below 1.2900 on the data release. GBP/USD could find support at 1.2856 and a fall through may take it further to the support level of 1.2817. On the other side, resistance could stand at 1.2930, and a rise through may take it to the next resistance level of 1.2958.
GBPUSD-16-09-2020

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.2712 1.2763 1.2825 1.2876 1.2937 1.2989 1.3050
1 WEEK 1.2087 1.2425 1.2609 1.2947 1.3131 1.3469 1.3653
1 MONTH 1.2687 1.2834 1.3102 1.3249 1.3517 1.3664 1.3933

GOLD

Gold has regained ground above the critical $1,950 level, as the US dollar remains on the defensive amid a typical pre-FOMC nervousness. Fed’s economic projections and forward guidance will be closely eyed for fresh direction in gold. Gold could find support at 1,950.70 and a fall through may take it further to the support level of 1,944.10. On the other side, resistance could stand at 1,963.30, and a rise through may take it to the next resistance level of 1,969.60.
Gold-16-09-2020

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1926.94 1941.27 1953.74 1968.07 1980.54 1994.87 2007.34
1 WEEK 1851.16 1881.43 1914.66 1944.93 1978.16 2008.43 2041.66
1 MONTH 1657.14 1765.67 1872.14 1980.67 2087.14 2195.67 2302.14