CHF in a Phase of Correction: Insights on EUR, GBP, JPY, AUD, Brent, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has concluded its correction phase and is now proceeding with its downward wave. Currently, it has undergone a downward move to 1.0633. Today, the market is establishing a consolidation range above this level, expected to extend to 1.0655 (with a test from below). Subsequently, a decline to 1.0606 may follow, paving the way for a potential extension to 1.0588.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has wrapped up a decline wave at 1.2396. Presently, the market is constructing a correction structure towards 1.2430 (with a test from below). Following this, a drop to 1.2386 could transpire. Following this, a new upward wave to 1.2700 might initiate.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY is establishing a consolidation range around the 147.40 level. At a certain point, the range was extended downward to 147.00 and upward to 147.68. A breakout from this range downwards might unleash the potential for a decline wave to 146.30.
Would you like to try trading stocks, indices, gold, currencies, or other instruments? Click on the banner below to access one of the industry’s most impressive lists of trading instruments!
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has broken out of a consolidation range upwards, completing an ascending wave structure to 0.8969. Today, the market continues a correction wave to 0.8948 (with a test from above). Once the correction concludes, a fresh upward wave to 0.8980 could commence, marking the initial target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has finished a growth wave at 0.6472. A probable wave extension to 0.6481 is on the cards, followed by a decline to 0.6333, from where the trend may persist to 0.6275.
BRENT
Brent has wrapped up a growth wave to 94.07. Anticipate a consolidation range forming below this level today. If a breakout occurs downwards from this range, a correction to 91.20 might ensue. Subsequently, a wave of growth to 96.50 is in the offing, constituting a local target.
XAU/USD (Gold vs US Dollar)
Gold has completed a decline wave to 1901.40 and a subsequent correction to 1915.80. Foresee a consolidation range forming below this level today. If a breakout occurs downwards from this range, the potential for a decline wave to 1887.00 may materialize.
S&P 500
The stock index has concluded a growth wave at 4520.0. A consolidation range could manifest under this level today. If a breakout occurs downwards from this range, a decline wave to 4430.0 could unfold, from where the trend might persist to 4400.0.
The post Technical Analysis & Forecast for September 15, 2023 appeared first at R Blog – RoboForex.
