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Weak

Market Commentary

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CURRENCIES

The September Dollar was slightly lower overnight as it consolidates some of this month's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month's rally, June's high crossing at 81.17 is the next upside target. Closes below the 20-day moving average crossing at 80.34 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 80.98. Second resistance is June's high crossing at 81.17. First support is the 10-day moving average crossing at 80.59. Second support is the 20-day moving average crossing at 80.34.

The September Euro is working on a possible key reversal up and was slightly higher overnight as it consolidates some of the decline off July's high. Stochastics and the RSI are oversold but are neutral to bearish signaling that additional weakness is possible near-term. If September extends this month's decline, weekly support crossing at 134.10 is the next downside target. Closes above the 20-day moving average crossing at 135.84 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 135.84. Second resistance is the reaction high crossing at 136.54. First support is the overnight low crossing at 134.39. Second support is weekly support crossing at 134.10.

The September British Pound was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last week's high, the reaction low crossing at 1.6941 is the next downside target. Closes above the 20-day moving average crossing at 1.7100 would confirm that a short-term low has been posted. First resistance is last Tuesday's high crossing at 1.7184. Second resistance is monthly resistance crossing at 1.7308. First support is the overnight low crossing at 1.6998. Second support is the reaction low crossing at 1.6941.

The September Swiss Franc was slightly higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the 38% retracement level of the 2013-2014-rally crossing at 1.1043 is the next downside target. Closes above the 20-day moving average crossing at 1.1185 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 1.1142. Second resistance is the 20-day moving average crossing at 1.1185. First support is the overnight low crossing at 1.1068. Second support is the 38% retracement level of the 2013-2014-rally crossing at 1.1043.

The September Canadian Dollar was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 93.35 would confirm that a short-term low has been posted. If September renews the decline off July's high, the 38% retracement level of this year's rally crossing at 91.77 is the next downside target. First resistance is the 20-day moving average crossing at 93.35. Second resistance is July's high crossing at 93.99. First support is the the 25% retracement level of this year's rally crossing at 92.54. Second support is the 38% retracement level of this year's rally crossing at 91.77.

The September Japanese Yen was lower overnight as it extends this week's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at .9827 would confirm that a short-term top has been posted. If September renews this month's rally, May's high crossing at .9925 is the next upside target. From a broad perspective, June needs to close above .9931 or below .9595 to confirm a breakout of a five-month old trading range. First resistance is May's high crossing at .9925. Second resistance is June's high crossing at .9956. First support is the reaction low crossing at .9734. Second support is May's low crossing at .9700.

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