This is the Support and Resistance Level Report for Wednesday. Here’s how our in-house model tests out this morning.
First up is the Euro/Dollar, which is trading in the range limited by R1 of 1 1170 and S1 of 1 1130.
The lowest resistance line has found 5 matches, and R2 is a 100 day moving average with 4 studies. R3 sees 3 confirmations, including Price Channel Indicator Upper Line and Bollinger Upper Band. Standing near a 50 day moving average, S1 has found 3 matches, and the other two support lines see 2 confirmations each, namely, Price Channel Indicator Lower Line and Bollinger Lower Band for S2 and a psychological level for S3.
The Cable has the closest levels of 1 3130 in resistance and 1 3080 in support.
R1 leads in resistance with 7 studies. Standing at a 50 day moving average, R2 sees 5 confirmations, and Bollinger Upper Band is among the 2 models for R3. S1 counts a 20 day moving average among its 6 studies. S3 is backed up by Price Channel Indicator Lower Line, Bollinger Lower Band and another model, and S2 is a psychological level with 2 matches.
Dollar/Yen has gained some ground and now has R1 of 103 40 and S1 of 102 60.
It actually sees little resistance at this new level, as all three resistance lines have found a single match each. Among these, R2 is a psychological level and R3 is a 150 day moving average. The lowest support line now is a psychological level with 8 confirmations. Standing at a 50 day moving average, S1 has found 2 matches, whereas S2 is a 20 day moving average with 2 studies.
And Dollar/Swiss Franc is up as well, as it now stands below R1 of 0 9840 and above S1 of 0 9790.
R2 counts Bollinger Upper Band among its 4 models, and Price Channel Indicator Upper Line is among the 3 studies for R1. Standing at a major psychological level, R3 has found 3 matches. S1 is the most confirmed support line with 8 models, and S2 is a 150 day moving average with 5 studies. S3 counts a 20 day moving average among its 2 technicals.
I’m Celeste Skinner and you’ve been watching the Support and Resistance Level Report, but the trading day is just getting started, so stay with us.
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