USD/CHF: Rally stalled at the .9950 high yesterday

Danske Research Team Danske Bank A/S

EUR/USD

Extending rebound from the 1.0961 overnight low and break of the 200-day MA at 1.1074 shift focus to the 1.1100/26 area next. Clearance here will expose the 1.1165 and 1.1186 highs to retest. The downside see support now at 1.1030 and the 1.1000 level then the 1.0961/52 lows. [PL]

USD/CHF

Rally stalled at the .9950 high yesterday, just shy of the May high at .9956. Reversal see an outside range weighing and see the .9835 support now at risk. Break will trigger deeper pullback to retrace the up-leg from .9522, Jun low. Resistance now at the .9900 level then .9950/56 highs. [PL]

USD/JPY

Has not been able to sustained probes above the 106.00 level and rejection from 106.54 high keep the 107.49 high out of reach. Below the 105.00 level see pressure returning to the downside and eye retest of the 104.00 level. Break here will expose strong support at the 103.55/39 area. [PL]

EUR/CHF

Rally above the 1.0900 level faltered at the 1.0938 high to leave the 1.0945 high intact so far. Would take break to clear the way for return to the 1.1000 level and 1.1014 resistance. The downside see support now at 1.0847 then the 1.0818 low. [PL]

GBP/USD

Staging recovery from the 1.3058/47 support and regaining the 1.3200 level see pressure returning to the upside. Recovery eye the 1.3291 resistance then the 1.3481 high. Lift over the latter will confirm a 5-wk bottom pattern and trigger stronger recovery to retrace the drop from 1.5018 high. [PL]

EUR/GBP

Still choppy in range within a triangle pattern with the narrowing range suggest breakout imminent. Upside see resistance at .8427 then .8470/91 area. While the latter cap, risk is seen for setback to break the .8300 level and .8251 low to extend the drop from .8627 high. Lower will see decline to .8200 level and .8117. [PL]

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Danske Research Team

Danske Bank A/S

Research is part of Danske Bank Markets and operate as Danske Bank's research department. The department monitors financial markets and economic trends of relevance to Danske Bank Markets and its clients.

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