Danske Research Team
Danske Bank A/S
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EUR/USD
Extending the drop from Mon's 1.0970 high to reach 1.0820 low and nearby see the 1.0800 level to watch as break will expose the 1.0771 support then 1.0711 low to retest. Resistance now at 1.0900/10 area and lift over this needed to clear the way for return to the 1.0940 and 1.0970 resistance. [PL]
USD/CHF
Bounce from the .9881 low to regain parity level seeing follow-through above the 1.0052 resistance. This clears the way for return above the 1.0100 level to retest the 1.0125 high. Bullish structure see support now at the .9966 then the .9923 and .9881 lows. [P.L]
USD/JPY
Looking to step higher from the 117.20/118.00 range area and lift over the 118.00 level will clear the way for stronger recovery to retrace the steep 3-wk drop from 123.56 high. Higher see more resistance at 118.83 then the 120.00 level. Support now at 117.22 then the 116.70 low. [PL]
EUR/CHF
Retains upside bias from the 1.0778 low and strength above 1.0885 expose the 1.0900 level to retest. Lift above the latter will clear the way for retest of the 1.0940, Dec high. Would take setback to break 1.0827 support and the 1.0800 level to weaken and see return to 1.0778 and 1.0756 lows. [PL]
GBP/USD
Stab below the 1.4400 level saw the downside checked at 1.4352 low yesterday. Subsequent bounce above the 1.4440/50 area triggers a small bottom pattern and see scope for further recovery. Resistance now at the 1.4494 and 1.4534 recent lows and lift over these will swing focus higher to retrace steep drop from the Dec high. [PL]
EUR/GBP
Below the .7555 high keep ranging action in play around the .7500 level. Support is at the .7424/00 area and where break is needed to swing focus lower to correct the 8-wk up-leg from .6983 low. Clear break above the .7500 level and .7555 high will see extension to target .7592 then .7654, a 38.2% retracement level. [PL]
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