Forex Flash: Commodity currencies and Euro crosses neutral 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 that the trend indicators are bullish and there is scope for extension of the strength to 1.0625 with support to be found at 1.0441 and 1.0393. USDCAD in their opinion is bearish, with key support below at 0.9845. They feel that a break below would trigger a deeper sell off ti 0.9795. They see resistance at 0.9888 ahead of 0.9934.

Moving to Euro crosses, the team are neutral on EURCHF, highlighting support at 1.2049/30. They see resistance at 1.2101 and 1.2129. They are neutral on EURGBP and note that while support at 0.8032 holds, traders should watch for a resumption of the upside. They see resistance at 0.8082 ahead of 0.8169 and a break below 0.8032 would open the door to 0.8006. Finally, they hold a bullish view of EURJPY. The team feel that a break above 107.20 would see the momentum cross higher, indicating a resumption of the upside. They see next resistance at 108.00 and support at 105.98/28.