Forex Flash: Commodity Currencies and Euro crosses hold bullish bias – UBS
FXstreet.com (Barcelona) - The UBS Strategy team have taken a look at today's commodity currencies and Euro crosses from a purely technical perspective.
They start with AUDUSD and note that with trend indicators bullish, the risk is for a resumption to the upside and a break above would open the door to a move to 1.0625. They see support at 1.0393. The team are neutral on USDCAD however and highlight that the next important support level can be found at 0.9895, a breach of which would trigger a deeper sell off to 0.9845. They see resistance at 0.9962 ahead of 0.9992.
Moving to Euro crosses, the team start with EURCHF which they are neutral on. They note that yesterday's set back is viewed as a reaction to the sharp rally earlier this week. They see important resistance at 1.2185 with support lying at 1.2081 ahead of 1.2049. They are bullish on EURGBP and feel that the risk is for an extension of the recovery and the next major resistance is at 0.8169 with support found at 0.8076/56. Finally, they come to EURJPY and highlight their bullish outlook. They note that the cross continues to extend its strength and resistance is at 109.82 ahead of 111.02 with support below at 106.77.
They start with AUDUSD and note that with trend indicators bullish, the risk is for a resumption to the upside and a break above would open the door to a move to 1.0625. They see support at 1.0393. The team are neutral on USDCAD however and highlight that the next important support level can be found at 0.9895, a breach of which would trigger a deeper sell off to 0.9845. They see resistance at 0.9962 ahead of 0.9992.
Moving to Euro crosses, the team start with EURCHF which they are neutral on. They note that yesterday's set back is viewed as a reaction to the sharp rally earlier this week. They see important resistance at 1.2185 with support lying at 1.2081 ahead of 1.2049. They are bullish on EURGBP and feel that the risk is for an extension of the recovery and the next major resistance is at 0.8169 with support found at 0.8076/56. Finally, they come to EURJPY and highlight their bullish outlook. They note that the cross continues to extend its strength and resistance is at 109.82 ahead of 111.02 with support below at 106.77.
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