Technical Analysis & Forecast for September 15, 2023
15.09.2023
3 minutes for reading
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.
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.
