Danske Research Team
Danske Bank A/S
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EUR/USD
Remains in consolidation below the 1.0985 high of last week and dips see support starting at 1.0869 then the 1.0835/05 area. Would take break of the latter to weaken and return focus to the 1.0711 low. Above 1.0985 high see resistance at 1.0993 and clearance here will see strength to retest the 1.1060, Dec high. [PL]
EUR/CHF
Bounce from the 1.0913 low see pressure returning to the upside and see scope to retest the 1.0983 high. Break here will clear the way to target the 1.1000 level then 1.1050, Sep high. Would take break of the 1.0900 level to weaken and see deeper pullback to 1.0855/27 support.
USD/CHF
Recovery from Mon's .9959 low see upside checked at 1.0073 high so far though upside bias see scope to retest recent highs at 1.0107 and 1.0125. Clearance needed to see strength back to the 1.0200 level. Failure to hold the parity level will expose the .9959 low to retest and see risk for stronger pullback to the .9881 low.
GBP/USD
View little change from this morning with intraday trade still soft and eyeing the strong support at 1.4228 and with daily technical tools intruding into oversold territories, would suggest taking some profit on existing shorts as risk of rebound increases. Lift above 1.4323 hurdle will trigger stronger rebound. [W.T]
USD/JPY
Staging recovery from Fri's 116.51 low though the downside still vulnerable and see risk for return to the Aug low at 116.18 then 115.86, 2015 low. Resistance is at the 118.00 level and 118.38 high of last week and lift over these needed to fade the downside pressure and trigger stronger recovery. [PL]
EUR/GBP
Bounce from the .7596 low keep pressure on the upside and see scope to retest the .7695 high. Clearance will see further extension to target the .7745/66 resistance area then the .7800 level. Would take setback below the .7596 support to trigger deeper pullback to the .7555 support then .7500 level. [PL]
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