Danske Research Team
Danske Bank A/S
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EUR/USD Daily
Bounce from the 1.0711 low see mkt consolidating the break of the 1.0800 level and see the latter now reverting to resistance. Would need to regain this to fade the downside pressure. Below the 1.0711 low and the 1.0700 level will trigger deeper setback to the 1.0638 then 1.0600 level. [PL]
USD/CHF Daily
Settling back from the 1.0125 high though hold above the parity level keep focus on the upside for retest of the Mar/Jan 2015 highs at 1.0129 and 1.0240. Beyond this will expose the 1.0328 Nov high to retest. Setback below the .9991 support needed to ease upside pressure. [P.L]
USD/JPY Daily
Consolidation above the 118.70 low has given way to renewed selling pressure to reach 118.36 low so far. The downside still vulnerable and see scope to retest the 118.07, Oct low. Resistance now at 119.30 and 119.70 then the 120.00 level. Only above the latter will fade the downside pressure. [PL]
EUR/CHF Daily
Rejection from the 1.0901 high keep mkt confined to ranging action within the 1.0900/1.0800 area. Would take break of the 1.0800 level to weaken and expose the higher lows at 1.0778 and 1.0756 to retest. More ranging action seen for now and only lift above 1.0900 will expose 1.0940 Dec high to retest. [P.L]
GBP/USD Daily
Bull-divergence seen on daily Stochastic is hindering swift decline with intraday trade drifting into consolidation and expect further push lower to be choppy. An upside break of 1.4726 high set last session will inspire corrective upmove. [W.T]
EUR/GBP Daily
Failure to clear the .7400 level see pressure returning to the downside to approach the .7308 support. Break here will trigger a top pattern and see deeper pullback to retrace the up-leg from .6983 low. Upside see resistance now at .7370 then the .7400/24 area. [PL]
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