Danske Research Team
Danske Bank A/S
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EUR/USD Daily
Staged rebound from the 1.0781 low to regain the 1.0800 level though the downside still vulnerable and clear break of the latter will trigger deeper pullback to retrace the up-leg from 1.0524, Dec low. Upside see bounce to regain the 1.0900 level needed to fade the downside pressure and return focus to 1.0946 and 1.0993 highs. [P.L]
USD/CHF Daily
Rebound from the .9924 low to regain the parity level saw mkt reaching fresh high at 1.0063 yesterday. Hold above the parity level will see scope for retest of the Mar/Jan 2015 highs at 1.0129 and 1.0240. Beyond this will expose the 1.0328 high to retest. Support now at .9991 then the .9924/00 area. [P.L]
USD/JPY Daily
Bounce from the 118.70 low seen unwinding the stretched intraday tools though the downside still vulnerable. Break of the 118.70 low will see scope to retest the 118.07, Oct low. Upside seen limited with resistance now at 119.70 then the 120.00 level and 120.35, recent low. [PL]
EUR/CHF Daily
Rejection from the 1.0900 level see pressure returning to the downside and keep the Dec high at 1.0940 out of reach. Setback below the 1.0837 low will see room for deeper pullback to the 1.0800 level and where break will expose higher lows at 1.0778 and 1.0756 to retest. [P.L]
GBP/USD Daily
View unchanged from this morning with daily tools a touch oversold and the appearance of a High-wave candle last session at current depth should attract some profit taking from existing shorts and inspire recovery. Only lift above 1.4849 hurdle to trigger a reversal. [W.T]
EUR/GBP Daily
Failed once again to sustain probes above the .7400 level and rejection from .7424 high yesterday see a long upper wick weighing on the daily chart and likely keep the May/Oct highs at .7483/93 out of reach for now. Dips see support now at .7335 and .7308. Would take break of the latter to trigger deeper pullback. [PL]
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