Forex Flash: Commodity currencies and Euro crosses mainly bullish – UBS

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

They begin with AUDUSD and and note that its trend indicators remain bullish and there is scope for more extension of the strengths to 1.6025. They see support at 1.0510 ahead of 1.0461. Moving to USDCAD they are similarly bearish and believe the risk is for more downside with the support focus at 0.9795 ahead of 0.9765. They see resistance above at 0.9888, ahead of 0.9934.

Moving to Euro crosses, the team start with EURCHF. They hold a neutral view on the pair and see resistance at 1.2130 ahead of 1.2185 with support below at 1.2063 ahead of 1.2030. EURGBP is bullish in their view and a break above significant resistance at 0.8169 would expose 0.8222 with support below at 0.8090. Finally, they are bullish EURJPY noting that the pair gapped at the open and critical resistance is at 111.44, with a break above opening up a move to 112.17. They feel any setback should be limited with support at 100.05.