Danske Research Team
Danske Bank A/S
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EUR/USD
Steadied at 1.1255 low but downside still vulnerable and deeper setback not ruled out from the 1.1342 high. Nearby see support at 1.1242 then the 1.1218/00 area. Above the latter keep focus on the upside for retest of 1.1342 high. Beyond this is the 1.1376, Feb YTD high. Break will clear the way to the 1.1460/95, Sep/Oct highs. [PL]
USD/CHF
Stays in consolidation above the .9651 low though the upside seen limited with resistance now at .9750 then the 200-day MA at .9802. Lower high sought to further pressure the downside later, below the .9651 low will see further decline to the .9600 level then .9476 support. [PL]
USD/JPY
Limited to 110.67 low last week on break of the 111.00 level though the downside still vulnerable and lower will see further weakness to target the 110.00 level. Upside seen limited with resistance now at 112.00/23 area and 112.63. Only above these will see scope for retest of the 114.00 level. [PL]
EUR/CHF
Bounce from the 1.0905 low keep consolidation in play within the 1.1000/1.0900 area. Would take break of the 1.0900 level to weaken and see return to the 1.0810 low and see possible extension of the drop from 1.1200 high. Above the 1.1000 level will expose the 1.1023 and 1.1061 highs. [PL]
GBP/USD
Upmove stalled and settled into intraday consolidation, spurred by the appearance of a Dragonfly-doji set last Friday. Break of 1.4410 support will expose room for setback to 1.4284 ahead of 1.4222. Bulls need swift lift above 1.4516 hurdle to regain footing to 1.4578 congestion high. [W.T]
EUR/GBP
Steadied at .7775 low but the downside still not firm and see risk for break to trigger deeper setback to the .7736/00 area then the .7652 low. Upside seen limited with resistance now at .7848 ahead of the .7912/29 highs. Would need break of the latter to see renewed strength to target the .8000 level. [PL]
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