Technical analysis of the EUR/USD currency pair on 2023.09.06 – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

• First key support level of EUR/USD: 1.07123
• Second Key support level of EUR/USD: 1.06693
• Third Key support level of EUR/USD: 1.0635
• First key resistance level of EUR/USD: 1.07660
• Second Key resistance level of EUR/USD: 1.07986
• Third Key resistance level of EUR/USD: 1.08246

• First key support level of USD/CHF: 0.888189
• Second Key support level of USD/CHF: 0.886382
• Third Key support level of USD/CHF: 0.883645
• First key resistance level of USD/CHF: 0.890377
• Second Key resistance level of USD/CHF: 0.89306
• Third Key resistance level of USD/CHF: 0.9

• First key support level of GBP/USD: 1.255
• Second Key support level of GBP/USD: 1.25
• Third Key support level of GBP/USD: 1.24262
• First key resistance level of GBP/USD: 1.26
• Second Key resistance level of GBP/USD: 1.276
• Third Key resistance level of GBP/USD: 1.284

• First key support level of USD/JPY: 147.032
• Second Key support level of USD/JPY: 146.4
• Third Key support level of USD/JPY: 144.535
• First key resistance level of USD/JPY: 147.592
• Second Key resistance level of USD/JPY: 147.8
• Third Key resistance level of USD/JPY: 148

Technical analysis of the EUR/USD currency pair on 06/09/2023.

As discussed in last week’s analysis of the EUR/USD currency pair, the price showed potential for an increase, and eventually, the buyers reached the first target at 1.091. However, due to the possibility of a long-term downward trend, the price eventually fell to the level of 1.07.

There is no apparent reason for the recent price increase in long-term periods, such as monthly and weekly. If the current support levels are breached, the price may fall towards key levels like 1.0666 and 1.06.(Warning for buyers with medium-term trades)

In shorter periods, such as daily and 4 hours, the price hit the support edge of a downward channel, halting the downward trend.

In these time frames, the chart is oversold, and there is potential for a price floor to form, which may result in a weak correction during the following candles. If the price floor of 1.07066 is in place, it can correct the downward trend to the resistance level of 1.0766 or, in the case of more buyers, to the level of 1.07986.

CloseOption Team

www.closeoption.com