Intraday Analysis - Wednesday, Sept. 16

GBPUSD hits another low

Cable’s bearish run continued as sticky unemployment data added more pressure to the pair.

• Prices have been pushing lower after breaking below the dynamic support of 1.3500.

• The swing low of 1.3420 is a critical level to maintain, as its breach could open the door to a deeper sell-off.

• A continuous oversold RSI suggests a slowdown is imminent, but selling interest could continue.

• A break above 1.3550 could confirm a test towards 1.3600.

USDCHF probes resistance

The US dollar rises as traders prepare for a rate hike in today’s Fed meeting.

• Another bounce to the recent top towards 0.8200 suggests the dollar’s drive could continue.

• The bullish rally gives an opportunity for dollar traders to probe for resistance.

• A turnaround first needs a break at 0.8150, which would force early sellers to jump on board.

• The pair could then test the previous base at the 0.8080 region.

SPX 500 sliding lower

The S&P (SPX 500) confirmed its bearish stance after failing to make a dent in the higher prices.

• 7640 is the hurdle to break and a key level to see if bulls progress as the RSI pushes into neutral territory.

• Any sign of a continuation lower would first see a test at 7500.

• 7800 is a firm top if the Federal Reserve pushes indices to new records