Danske Research Team
Danske Bank A/S
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EUR/USD
Stays in consolidation around the 1.1000 level as upside see the 1.1060/68 resistance keeping recovery from the 1.0826 low in check. Downside see support at 1.0940 then the 1.0900 level and see break needed to weaken and return focus to the downside and expose the 1.0826 low to retest. [PL]
USD/CHF
Upside still limited above the parity level though the developing ascending triangle from the .9853 low keep pressure on the upside and see scope for further probes above the 1.0000 level. Lift over the 1.0039 high will clear the way towards 1.0074 and 1.0125. Only below the .9879/53 lows negate. [PL]
USD/JPY
Extending recovery from the 112.23 low and keep mkt confined within the 114.00/112.00 area. More ranging action seen for now and see lift over the 114.00 level needed to expose the 114.56 and 114.87 highs to retest. Support now at 112.75 then the 112.23/16 lows. [PL]
EUR/CHF
Settling back after retracing approx 50% of the Feb down-leg at the 1.1000 level. Dips see support at the 1.0911 low which must hold to sustain the recovery from the 1.0810 low. Failure will swing focus lower and see setback to the 1.0880/75 area then the 1.0810 low. [PL]
GBP/USD
View unchanged from this morning with corrective upmove from the 1.3836 low pausing within short-term consolidation and need a higher break of 1.4290 daily down trendline to ignite stronger upmove to 1.4409. Only dip below 1.4134 support will provide the opportunity for bears to reverse current upmove. [W.T]
EUR/GBP
Still holding the .7691 low of last week which keep ranging action in play within the .7700/.7800 area. However, consolidation seen tracing out a bear flag and see eventual breakdown to trigger a top pattern and further retrace the strong up-leg from the .6983, Nov low. [PL]
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