Forex Flash: Commodity currencies and Euro crosses flat to bullish – UBS

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

Starting with AUDUSD, they note the bullish sentiment present, with trend indicators suggesting that there is scope for an extension of strength to 1.0625 with support below at 1.0441. Looking to USDCAD, they hold a bearish outlook and note that resistance lies ahead at 0.9845 and a break below would trigger a deeper sell off to 0.9795. They see resistance at 0.9888 ahead of 0.9934.

Moving to Euro crosses, the team start with EURCHF of which they are neutral. They see critical resistance up above at 1.2185 and support below at 1.2063/30. They are again neutral on EURGBP and note that recent strength needs to see a break above 0.8104 to signal resumption of strength to 0.8169 with support at 0.8032 ahead of 0.8006. Finally, the team are bullish EURJPY. Their view falls in line with trend indicators and they believe that a break above 107.96 would extend strength to 109.82. Support lies at 106.48 ahead of 105.98.