EUR/USD â�,�“ The EURUSD continues to compress in a tight range.  In recent days we have focused on â�,��"A triangle [that] has formed following the 8/10 high at 1.2911.  The apex is at 9/25.  Following the theory that price typically breaks through its triangle two-thirds to three-fourths of the way through the triangle, we would expect a breakout to occur anywhere from 9/11 to 9/15.â�,�  This setup is intact as the EURUSD bounced from the lower end of the triangle yesterday at 1.2769.  There is still the possibility that the pair slips a bit further to test the 9/1 low at 1.2753 but the risk remains higher as long as 1.2723 holds.  A breach of 1.2723 negates the bullish bias.  A break higher could lead to a terminal thrust from the triangle that targets the 161.8% fibo of 1.2911-1.2693 at 1.3046.

USD/JPY â�,�“ We mentioned yesterday that â�,��"It appears that a 3 wave corrective move is nearing an end with one more push higher towards fibo resistance at 116.52 (50% of 117.48-115.55) or 116.74 (61.8% of 117.48-115.55).â�,�  The pair rallied a little higher than expected to the 117.00 figure and has since plummeted to the 116.00 figure.  Daily oscillators remains bearish (MACD slope negative, CCI is negative, etc.).  The personality of this decline looks like a 3rd wave.  If this is the case, then the USDJPY should break 115.55 (9/5 low) soon â�,�“ which would then set sights on the 8/17 low at 115.17.  Initial resistance is at former intraday support (and fibo level) at 116.52.

GBP/USD â�,�“ Cable continues to weaken but there is bullish divergence with oscillators on the hourly and the proximity of the 8/18 low at 1.8775 along with the lower Bollinger band on the daily limits immediate downside risk.  The move down is in 5 waves though and thus impulsive so any moves higher will be viewed as corrective.  Initial resistance is at the 8/25 low at 1.8828.  Price has broken below the 20 day SMA for the first time since early July â�,�“ which favors bears.  A break below 1.8775 exposes fibo supports from 1.8087-1.9144.

USD/CHF â�,�“ The USDCHF trades within a triangle (just as EURUSD does).  The pair is nearing the apex of the triangle and is right at resistance from the resisting line of the triangle â�,�“ which limits upside risk.  A rejection of strength argues for a return to the lower end of the triangle near the 1.2300 figure.  A sustained break above the triangle argues for a test of the 8/14 high at 1.2444 and a break below argues for a test of the 8/21 low at 1.2182.

USD/CAD â�,�“ The USDCAD has retraced all of its 1.1028 to 1.1138 gain.  The bias is bullish as long as 1.1028 holds.  The pair has held in a tight range near the 78.6% fibo of 1.1028-1.1138 since 13:00 GMT yesterday.  This may be a base that leads to a move higher.  The bullish bias would be bolstered by a daily close above 1.1138.

AUD/USD â�,�“ The AUDUSD has declined to the 61.8% fibo of .7549-.7721 at .7615.  RSI is oversold and bullish divergence with the indicator at current levels suggests that at least a bounce higher is due.  However, our bias is bearish and we have continued to stress this through the COT positioning and former bearish divergence with oscillators on the daily at recent highs.  Immediate resistance is at yesterdayâ�,��"�s low at .7648.

NZD/USD â�,�“ From yesterday â�,�“ â�,��"A top may be in place at .6580 as both CCI and RSI are declining from their extreme levels (100 and 70).  If this is the case, then Kiwi may reverse recent strength at one of the aforementioned fibo levels and head lower.â�,�  The pair topped out yesterday at the .6500 figure and has declined 50 pips from there.  There is support just below current price at the 9/5 low at .6438.  It takes a break below there to bolster bearish prospects.  Initial resistance remains yesterdayâ�,��"�s high at .6502.

Jamie Saettele is a Technical Currency Analyst for FXCM.