Danske Research Team
Danske Bank A/S
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EUR/USD
Long upper wick above the 1.1000 level following rejection from the 1.1060 high keep strong resistance at 1.1087 out of reach. Setback eye the 1.0900 level and break here will see scope for deeper pullback to the 1.0830/00 area. Higher low sought for renewed strength later with resistance now at 1.1000 then 1.1060 high. [P.L]
USD/CHF
Recovery from the .9786 low to regain the .9900 level clears the way for stronger recovery to the parity level and then 1.0034 resistance. Would need lift over these to revive upside focus and see further strength to 1.0100 level. Support now at .9865 then the .9786 low. [PL]
USD/JPY
Break above the 200-day MA at 121.59 extending recovery from the 120.35 low and see the 122.00 level now within reach. Beyond this see strong resistance at the 122.23/30, recent lows. Would need to regain the latter to see bulls reasserting and return focus to the 123.67/76 highs. [PL]
EUR/CHF
Steady in range above the 1.0800 level following bounce from the 1.0767 low. Need to hold the 1.0800 level to sustain upside bias for retest of the 1.0855 and 1.0877 highs and where clearance will expose the 1.0940 high to retest. Below the 1.0800 level expose the 1.0767 and 1.0737 to retest. [PL]
GBP/USD
Spurred by the sharp reversal from 1.5240 high and with daily technical tools weighing down, bears are eyeing lower support at 1.4957 ahead of the stronger level behind at 1.4895. Shorts favoured towards intraday trading. [W.T]
EUR/GBP
Upside attempt kept in check at the .7300/04 area which keep ranging action in play. Would need break to see resumption of recovery from the .6983 low towards .7374 then the .7400 level. Beyond this will see return to the .7483/93, a 9-mth range high. Higher lows at .7193 and .7164 protecting the downside. [PL]
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