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CURRENCIES

The September Dollar was lower overnight as it consolidates some of the rally off May's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the overnight rally, the 62% retracement level of the 2015-2016-decline crossing at 97.53 is the next upside target. Closes below the 20-day moving average crossing at 94.60 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2015-2015-decline crossing at 96.48. Second resistance is the 62% retracement level of the 2015-2016-decline crossing at 97.53. First support is the 20-day moving average crossing at 94.60. Second support is last Thursday's low crossing at 93.02.

The September Euro was higher due to short covering overnight as it consolidates some of the decline off May's high. 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 Friday's high, March's low crossing at 108.98 is the next downside target. Closes above the 20-day moving average crossing at 112.86 are needed to confirm that a low has been posted. First resistance is last Friday's high crossing at 114.55. Second resistance is May's high crossing at 116.65. First support is last Friday's low crossing at 109.47. Second support is March's low crossing at 108.98.

The September British Pound was higher due to short covering overnight as it consolidates some of the huge decline off last Friday's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, long-term support crossing at 1.2550 is the next downside target. Closes above the 20-day moving average crossing at 1.4246 would confirm that a short-term low has been posted. First resistance is last Friday's high crossing at 1.5009. Second resistance is minor resistance crossing at 1.5049. First support is Monday's low crossing at 1.3133. Second support is monthly support crossing at 1.2550.

The September Swiss Franc was slightly higher overnight as it consolidates some of the decline off last Thursday's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last Thursday's high, the reaction low crossing at 1.0131 is the next downside target. Closes above the 20-day moving average crossing at 1.0385 would confirm that a short-term low has been posted. First resistance is last Thursday's high crossing at 1.0552. Second resistance is the reaction high crossing at 1.0600. First support is the reaction low crossing at 1.0131. Second support is May's low crossing at 1.0103.

The September Canadian Dollar was higher due to short covering overnight as it consolidates some of the decline off last Thursday's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last Thursday's high, the 38% retracement level of the January-April-rally crossing at 75.69 is the next downside target. Closes above the 20-day moving average crossing at 77.68 would temper the bearish outlook. First resistance is June's high crossing at 79.02. Second resistance is May's high crossing at 80.18. First support is May's low crossing at 75.87. Second support is the 38% retracement level of the January-April-rally crossing at 75.69.

The September Japanese Yen was steady to slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this year's rally, monthly resistance crossing at 1.0621 is the next upside target. Closes below the 20-day moving average crossing at 0.9529 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 1.0131. Second resistance is monthly resistance crossing at 1.0621. First support is the 20-day moving average crossing at 0.9529. Second support is the reaction low crossing at 0.9298.

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