EUR/USD: Failed to sustain probes above the 1.0600 level

Danske Research Team Danske Bank A/S

EUR/USD

Failed to sustain probes above the 1.0600 level and setback from the 1.0627 high see support at the 1.0500 level and 1.0480. Failure to hold the latter will trigger deeper pullback to 1.0435 support. Would need to sustain break of the 1.0600 level to shift focus to 1.0653 and 1.0670 resistance. [PL]

USD/CHF

Stays in consolidation above the 1.0087 low of last week and bounce see resistance at the 1.0200/19 area. While the latter caps, risk is seen for return to pressure the downside later and trigger deeper correction of the Nov/Dec up-leg to 1.0021 support then the parity level. [PL]

USD/JPY

Held firm above the 115.00 level yesterday and keep ranging action in play within the 117.50/115.00 area. However, the downside still vulnerable following setback from the 118.60 high last week. Below 115.07 and 114.74 support will trigger deeper corrective pullback. [PL]

EUR/CHF

Retains upside bias from the 1.0680 low of last week though the upside still limited ahead of the 1.0762 resistance. Would need lift over this to trigger a double bottom at the 1.0680 lows and clear the way for stronger recovery to the 1.0800 level. Support now at the 1.0700 then the 1.0680 low. [PL]

GBP/USD

View unchanged from this morning with recovery from last session's low of 1.2108 stalling decline to stronger support at 1.2083 with trade now a touch firmer in consolidation and only lift above 1.2278 resistance to provide the impetus for stronger rebound. [W.T]

EUR/GBP

Rejection from the .8764 high seen retracing strong rally from the .8450 low and dips see support now at .8636 then the .8572, early Dec high. The latter must hold to keep bulls in control and see renewed strength later. Below the .8572 support will weaken and see return to the .8500 level and .8450 support. [PL]

Download The Full Technical Update

Author

Danske Research Team

Danske Bank A/S

Research is part of Danske Bank Markets and operate as Danske Bank's research department. The department monitors financial markets and economic trends of relevance to Danske Bank Markets and its clients.

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.