EM ASIA CREDIT: TSMC: 3Q results beat

• RES 4: 0.8769 High Jul 28 and the bull trigger   
• RES 3: 0.8744 High Aug 7 
• RES 2: 0.8728 76.4% retracement of the Jul 28 - Aug 14 bear leg
• RES 1: 0.8687/8713 High Sep 5 / 2  
• PRICE: 0.8648 @ 06:33 BST Sep 16
• SUP 1: 0.8638/8597 50-day EMA / Low Aug 14 and the bear trigger
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

The latest pullback in EURGBP appears corrective. Support to watch lies at 0.8597, the Aug 14 low. Clearance of this level would cancel a bull theme and reinstate a recent bearish threat. For bulls, a resumption of gains would open 0.8744, the Aug 7 high. Key resistance and the bull trigger is at 0.8769, the Jul 28 high. Note that moving average studies are in a bull-mode position. This highlights a dominant uptrend.

• RES 4: 107.240 High Aug 4 
• RES 3: 107.225 High Aug 27 and the bull trigger 
• RES 2: 107.145/190 High Sep 11 / High Sep 5 and 8
• RES 1: 107.050 Low Aug 25 and Sep 2 and a recent breakout level 
• PRICE: 106.985 @ 05:46 BST Sep 16
• SUP 1: 106.965 Low Sep 12   
• SUP 2: 106.948 1.382 proj of the the Aug 27 - Sep 2 - 8 price swing  
• SUP 3: 106.928 1.500 proj of the the Aug 27 - Sep 2 - 8 price swing
• SUP 4: 106.900 Round number support

The trend structure in Schatz futures remains bearish and last week’s sell-off confirms a resumption of the downtrend. The contract has breached support at 107.050, the Aug 25 and Sep 2 low plus a bear trigger. This maintains the bearish price sequence of lower lows and lower highs. Scope is seen for an extension towards 106.948 next, a Fibonacci projection. Initial resistance is at 107.050, Aug 25 and Sep 2 low.

• RES 4: 1.3753 High Jul 2  
• RES 3: 1.3681 High Jul 4
• RES 2: 1.3636 76.4% retracement of the Jul 1 - Aug 1 downleg
• RES 1: 1.3625 Intraday high 
• PRICE: 1.3619 @ 06:23 BST Sep 16
• SUP 1: 1.3480/3333 50-day EMA / Low Sep 3
• SUP 2: 1.3315 61.8% retracement of the Aug 1 - 14 bull leg
• SUP 3: 1.3249 76.4% retracement of the Aug 1 - 14 bull leg 
• SUP 4: 1.3142 Low Aug 1 and a key support      

A bullish theme in GBPUSD remains intact and price traded higher Monday. The pair has traded through resistance at 1.3595, the Aug 14 high and a bull trigger. The break strengthens bullish conditions and opens 1.3636, a Fibonacci projection. Initial support to watch is 1.3480, the 50-day EMA. A clear breach of the EMA would highlight a potential reversal and signal scope for a deeper retracement.