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Trading plan for Sep. 26

According to the data released on Thursday, US durable goods orders sharply declined. However, the decline was in line with expectations and the core reading was positive, so the greenback wasn’t strongly affected by the news. On Friday America will release revised GDP and consumer sentiment data – forecasts are positive.

Still USD/JPY was capped around 109.35 and is trading directly at the support line of the uptrend channel (108.85) which looks vulnerable. The pair may correct down to 108.25.

EUR/USD breached 2013 lows at $1.2750. The level of $1.2500 looks like the reasonable level for this pair. GfK German Consumer Climate is due tomorrow at 06:00 GMT. On the downside support is now at $1.2660. A close in the $1.2750 area could give the euro a lift to resistance at $1.2830.

GBP/USD recovered from the lows in the $1.6280 area above $1.6300 as the Bank of England’s Governor Mark Carney sounded rather favorable about the first rate hike in the UK which is expected in Q1, 2015. Still we are bearish as long as the pair stays below $1.6370. Next resistance is at $1.6460. Below $1.6280 we’ll target $1.6165.

EUR/GBP survived a selloff and is testing support line from 2008 in the 0.7790 area. The next support is at 0.7750.

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