Danske Research Team
Danske Bank A/S
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EUR/USD
Steady in range below the 1.1438 high with consolidation tracing out a pennant pattern, suggesting scope for renewed strength to target the 1.1460/95 highs. Lift over the 1.1500 level will shift focus to the 1.1714, Aug 2015 high. Would take break of 1.1335 support to trigger deeper corrective pullback. [PL]
USD/CHF
Steady in range above the .9556 low though the downside still not firm. Break will shift focus to the .9500 level then .9476, Oct low. Upside seen limited with resistance starting at .9626 then the recent lows at .9651/61 recent lows. Would need to regain the latter to fade downside pressure and get recovery underway. [PL]
USD/JPY
Further decline to break the 111.00 level expose the 110.67 low to retest. Below this will see risk for further decline to target the 110.00 level. Upside see the 112.00 level key and regaining this needed to fade downside pressure. [PL]
EUR/CHF
Locked within the 1.0954/1.0906 range with higher lows from 1.0885/75 lows seen sustaining upside bias. Would take break of the latter to weaken and see return to the 1.0821 and 1.0810 lows. Lift over 1.0954 high needed to clear the way for stronger recovery to target the 1.1000 level. [PL]
GBP/USD
View unchanged with Inside-range set last session hindering further decline towards the daily support line at 1.4155 with intraday trade to shift into consolidation. Resistance seen at 1.4322 and lift above latter will help to turn focus higher to 1.4372 then 1.4460. [W.T]
EUR/GBP
Paused at the .8020 high though the upside stays in focus and see scope to .8050, being measuring objective of a 10-mth bottom pattern seen in 2015. Recent highs at .7947/29 now reverts to support and setback needed to ease upside pressure and see room for stronger pullback to .7870 then .7831 low. [PL]
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