It's time for another edition of the Support and Resistance Level Report. I'm Monica Gibson with a closer look at how our in-house model tests out this Wednesday.
First up is the Euro/Dollar, which is currently trading between R1 of 1 0770 and S1 of 1 0740.
The lowest resistance line has found 4 matches, and the other 2 resistance lines see 3 confirmations each, including a 6 month low for R2 and a psychological level for R3. S1 leads in support with 5 models, and Price Channel Indicator Lower Line is among the 3 matches for S2. A psychological level is the only study for S3.
The Cable has seen a rise which leaves it below R1 of 1 5170 and above S1 of 1 5110.
Standing at a 150 day moving average, R3 sees 8 confirmations, and the lowest resistance line has found 5 matches. R2 is a 50 day moving average with 4 studies. A 3 month low is among the 10 models for S1, and S2 counts Price Channel Indicator Lower Line among its 4 confirmations. S3 is a psychological level with 2 matches.
Dollar/Yen has inched lower, and it currently has R1 of 123 and S1 of 122 50.
R2 is well confirmed with 12 studies, including Bollinger Upper Band. The lowest line has found 5 matches, and Price Channel Indicator Upper Line is among the 3 models for R3. Standing at a 150 day moving average, S2 sees 8 confirmations, and the other two support lines have found 2 matches each. S3 is a 20 day moving average.
And Dollar/Swiss Franc is now trading in the range limited by R1 of 1 0050 and S1 of 1.
R1 leads in resistance with 8 models, and Price Channel Indicator Upper Line is among the 5 matches for R2. R3 counts Bollinger Upper Band as its only confirmation. S2 is a 6 month high with 10 studies, and the lowest support line has found 5 studies. S1 is an important psychological level with 4 models.
That's all for Wednesday's Support and Resistance Level Report. Check back in tomorrow when the next one will be available. Goodbye for now.
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