Danske Research Team
Danske Bank A/S
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EUR/USD Daily
Held firm above the 1.0800 level and bounce from the 1.0805 low return focus to the 1.0900 level. Lift over this needed to clear the way for retest of the 1.0946 and 1.0970 highs. Beyond this will return focus to the 1.1000 level and 1.1060 highs. The 1.0800 level seen protecting the downside. [PL]
USD/CHF Daily
Strength checked at the 1.0107 high but upside stays in focus and see scope for retest of the 1.0125 high. Break here will see scope to target the 1.0200 level. Hold above the parity level keep focus on the upside and only break will see return to .9966 then the .9881 low. [P.L]
USD/JPY Daily
Failure to sustain above the 118.00 level see pressure returning to the downside and see scope for retest of the 117.00 level. Below this will see return to the 116.70 low then 116.18, the Aug spike low. Lower highs at 118.38 and 118.83 keep focus firmly on the downside. [PL]
EUR/CHF Daily
Break of the 1.0900 level has seen follow-through to take out the 1.0940, Dec high. Clearance here now shift focus to the 1.0983 high then the 1.1000 level. Beyond this is the 1.1050, Nov high. Support starts at the 1.0912 then the 1.0900 level, now seen protecting the downside. [PL]
GBP/USD Daily
Struggling to hold the 1.4400 level and break here keep focus on the downside for retest of the 1.4352 low. Break here will see potential to 1.4260 then the 1.4228, 2010 low. Recent low at 1.4494 and 1.4534 now reverts to resistance and lift over these needed to trigger stronger recovery to retrace steep drop from the Dec high. [PL]
EUR/GBP Daily
Driving higher with and clear break of the .7500 level confirm the 10-mth base pattern and see stronger recovery to retrace the drop from the Feb 2013 high. Nearby see resistance at .7592, Feb 2015 high. Beyond this will target .7654, 38.2% retracement level. support now at .7500 level and .7443/24 area. [PL]
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