Danske Research Team
Danske Bank A/S
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EUR/USD
Recovery from the 1.1234 low seen correcting the drop from 1.1465 high. Above the 1.1300 level see resistance now at the 1.1327/46 area and regaining this needed to fade downside pressure and see return to the 1.1400 level. lower high sought for setback to the 1.1270 support then the 1.1234/20 area. [PL
EUR/CHF
Clear break above the 1.0900 level see stronger recovery underway though the upside still limited. Nearby see scope to target 1.0933 then 1.0954 high. Below the 1.0900 level see support at 1.0860/43 lows and break needed to weaken and expose the 1.0821/10 lows to retest. [PL]
USD/CHF
Pressure stays on the upside and clearing the .9688 high will trigger further strength from the .9499 low. Higher will see retest of .9763/88 then the 200-day MA at .9830. Would take setback below the .9638 and .9594 support to weaken and return focus to the downside. [PL]
GBP/USD
Intraday trade a touch weaker but prices are still within the perimeters of a wider triangular consolidation and break of support line of triangle at 1.4057 to trigger a bearish call. On the upside, lift above 1.4244 hurdle to expose gain to 1.4280 then 1.4348. [W.T]
USD/JPY
Further extend Fri's rejection from the 109.73 high with break of the 108.00 level reaching 107.77 so far, just shy of the 107.63 low of last week. Risk is seen for break to resume the underlying bear trend to target the 107.00 level then 106.55, 38.2% Fibonacci level. [PL]
EUR/GBP
Remains within the .7984/25 range but risk stays on the downside and consolidation seen giving way to further pullback later. Lower will see deeper retrace of the up-leg from the Nov low to the .7900 level then .7831 support. Resistance now at the .7984/95 area. [PL]
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