According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Initial support is the 1.3453 August high above the 1.3373 accelerated uptrend – only a close below here would alleviate immediate upside pressure and signal a slide back to the 1.3241/1.3163 55 and 200 day ma”. The expert also noted that an attempt to ytd highs at 1.3711 should not be ruled out.
The Swiss bank UBS now holds a bullish outlook on the pair. Strategists G.Yu, G.Berry and Syed Mohi-uddin commented that “Further support developed and with bullish conditions in place, there is no major resistance until 1.3711. Support is at 1.3375”.