Danske Research Team
Danske Bank A/S
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EUR/USD
Edged off the 1.1230 low but the downside still not firm and lower see the 1.1218/00 area to watch. Need to hold the latter to keep bulls in control for retest of the 1.1342 and 1.1376 highs. Failure to hold the 1.1200 level will trigger deeper corrective pullback. [PL]
USD/CHF
Higher in consolidation from the .9651 low though the upside still limited with resistance now at .9750 then the 200-day MA at .9804. Lower high sought to further pressure the downside later, below the .9661/51 lows will see further decline to the .9600 level then .9476 support. [PL]
USD/JPY
Retains upside bias from the 110.67 low though probes above the 112.00 level checked at the 112.23 resistance so far. Would need break to swing focus higher and see stronger recovery to the 112.63 resistance then the 113.00 level. Support now at the 111.22/00 area then the 110.82/67 lows. [PL]
EUR/CHF
Break of the 1.0900 level see the 1.0893 support keeping bears in check though the downside still not firm and see risk for break to further extend the rejection from the 1.1023 high. Break will see return to the 1.0810 low and see possible extension of the broader decline from 1.1200 high. [PL]
GBP/USD
Spurred by the bear-divergence on daily Stochastic and Dragonfly-doji set last Friday, intraday trade a touch subdued and risks further weakness towards lower support at 1.4284 ahead of 1.4222. Only swing above 1.4514 resistance to revive upmove. [W.T]
EUR/GBP
Higher in consolidation from the .7775 low but upside seen limited above the .7800 level with resistance at .7848 ahead of the .7912/29 highs. Would need break of the latter to see renewed strength to target the .8000 level. Break of the .7775 low will see deeper pullback to .7736 and .7691. [PL]
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