USD/CHF: Tracing out a bottom pattern from the .9537 low to reach .9649 high

Danske Research Team Danske Bank A/S

EUR/USD

Bounce from the 1.1271 low to regain the 1.1300 level keep pressure on the upside though the 1.1366 high likely to stay out of reach for now. While the latter caps, risk is seen for deeper corrective pullback, below 1.1271 will see scope to the 1.1234/21 area then 1.1200. Above 1.1366 will expose 1.1400, 1.1428 to retest. [PL]

USD/CHF

Tracing out a bottom pattern from the .9537 low to reach .9649 high. Break of the .9649/59 resistance will confirm a bottom in place and trigger stronger recovery to the .9700 level. Support now at the .9600/.9589 area ahead of the .9537 low. Only break of the latter weakens and see return to .9500 then .9444 low. [PL]

USD/JPY

Backed off the 100.93 high and downside see the 100.00 level now first support ahead of the 99.65/54 lows of last week. While the latter holds firm, higher low sought for retest of the 101.17/45 resistance. Clearance will trigger stronger recovery to the 102.27/66 resistance. [PL]

EUR/CHF

Extending bounce from the 1.0827 support to pressure the 1.0900 level and see scope for break to expose 1.0925 and 1.0945 highs to retest. Support now at 1.0854 then the 1.0827/18 area, now protecting the downside. Would take break here to expose the 1.0790 low to retest. [PL]

GBP/USD

Intraday trade stuck in consolidation and well-confined within the perimeters of a wider triangular consolidation and seek a breakout of the stronger 1.2881-1.3247 band to provide directional signals. [W.T]

EUR/GBP

Rejection from the .8692 high keep the .8725 high out of reach and see pressure returning to the downside. Below the .8591 low will trigger deeper pullback to correct the up-leg from the .8251 low. Nearby see support at .8577 then the .8518/00 area. Would take break of the latter to fade upside pressure and see return to .8344 low. [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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