Forex Flash: Commodities Currencies and Euro crosses look flat to bullish – UBS

FXstreet.com (Barcelona) - The UBS Strategy team have taken a look at commodity currencies and Euro crosses from a technical perspective.

Beginning with commodity currencies, they feel that AUDUSD looks bullish ahead. They note that with trend indicators bullish, the risk is for resumption of the upside move and a break above 1.0490 would open the doors to a move to 1.0625. They see support below at 1.0376/38. However, they are neutral on USDCAD, noting that the next important line of support ahead lies at 0.9895, a breach of which would trigger a deeper sell off to 0.9845 with resistance at 0.9962 ahead of 0.9992.

Moving to the Euro crosses, the team begin with EURCHF. They are neutral on the pair and note that resistance can be found at 1.2090 with support at 1.203 ahead of the obvious floor level at 1.2000. They are bullish EURGBP, noting that the trend/momentum indicators are pointing higher and that there is scope for a test of significant resistance at 0.8169 with support at 0.8082. Finally, they are bullish EURJPY and note that the pair posted a new recovery high. A break above 108.00 would open the door to a move further to 109.82 whilst support can be found at 106.16.