Forex Flash: Commodities currencies and Euro crosses neutral to bullish – UBS

FXstreet.com (Barcelona) - UBS Strategists have taken a look at today's Commodity currencies and Euro crosses from a purely technical perspective.

Starting with Commodity pairs, they believe that with trend indicators bullish, AUDUSD has scope for further extension of strength to 1.0625 with support at 1.0461. Looking to USDCAD they see the pair as bearish and note that it came under pressure from resistance at 0.9888 on Monday. They see the risk is for resumption of weakness and watch for a test of support at 0.9795/65.

Moving to Euro crosses, the start with EURCHF which they see as neutral. Resistance is at 1.2130 ahead of 1.2185. Support lies at 1.2063 ahead of 1.2030. EURGBP has a bullish outlook in their opinion and they see key support at 0.8080 and while this holds the risk is for an upside move and a potential test of resistance at 0.8169 and 0.8263. Finally, they look to EURJPY of which they are again bullish and see that Monday's setback was expected as a reaction to the extended upside extremes. While support at 108.65 holds, they recommend watching for a test of resistance at 111.44.