Intraday Forex Friday, September 11 (USDJPY, EURUSD, & etc.) Euro hit a one-week high. Pound slipped to a six-week low.

[USDJPY]

  • The safe-haven Japanese yen held steady at 106.16 per dollar, having inched higher overnight.
  • USD/JPY moved lower on weakness in stocks, which prompted buying of the yen.
  • The yen also strengthened on a Reuters report that said the BOJ at next week’s policy meeting would boost its forecasts for the economy, output, and exports compared to where they stood at its previous meeting in late-July.

Important Levels to Watch for Today:

  • Resistance line of 106.366 and 106.532.
  • Support line of 105.855 and 105.697.

[EURUSD]

  • The euro retreated at $1.1833 having briefly hit a one-week high overnight.
  • The rise came after European Central Bank President Christine Lagarde suggested the ECB was unlikely to undertake measures to weaken the euro despite its recent gains.
  • Following Thursday’s ECB meeting, the Governing Council maintained the deposit rate at -0.5% and kept its pandemic bond-buying program unchanged at 1.35 trillion euros ($1.6 trillion), while revised its 2020 Eurozone GDP forecast upward to -8.0% versus a prior estimate of -8.7%.

Important Levels to Watch for Today:

  • Resistance line of 1.19198 and 1.19650.
  • Support line of 1.17733 and 1.17280.

[USDCHF]

  • The dollar held steady against the safe-harbor Swiss franc at 0.9097.

Important Levels to Watch for:

  • Resistance line of 0.91374 and 0.91666.
  • Support line of 0.90971 and 0.90136.

[GBPUSD]

  • The British pound traded at $1.2828, having slipped to $1.2773 overnight, a 6-week low.
  • The pound poised for its worst week since March. It has lost 3.6% on the dollar this week and about as much against the euro as Brexit turmoil resurfaced.
  • The EU told Britain on Thursday it should abandon a plan to break their divorce treaty, but Prime Minister Boris Johnson’s government refused and moved forward with a draft law that could sink four years of Brexit talks.
  • Japanese Foreign Minister Toshimitsu Motegi said he plans to hold talks with British trade minister Liz Truss later today to discuss a post-Brexit bilateral trade deal and hopes to reach a broad agreement.

Important Levels to Watch for:

  • Resistance line of 1.30335 and 1.31340.
  • Support line of 1.27085 and 1.26080.

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