USD/JPY: Down to pressure the 112.61/57 low of last week though no follow-through as yet
Upside stays in focus and see the 1.0800 level now within reach to extend recovery from the 1.0341 low. Beyond this will see strong resistance zone coming into play at the 1.0851/74 area and 1.0913, Jun low. Downside see the recent highs at 1.0685 and 1.0653 now support. [PL]
Follow-through below the parity level extending down-leg from the 1.0335 high. Nearby see support at the .9956/29 area then the .9900 level. Below the latter will see the 200-day MA at .9866 coming into play. Recent lows at 1.0045 and the 1.0064/87 area now reverts to resistance. [PL]
USD/JPY
Down to pressure the 112.61/57 low of last week though no follow-through as yet. However, risk is seen for break to target the 112.00 level next. Below the latter will see further weakness to the 111.36 support. Resistance now at 113.76 and the 114.00 level. [PL]
EUR/CHF
Ranging action keeps the sideways drift in play and see further consolidation within the 1.0762/1.0700 area. Lift over the 1.0762 resistance needed to trigger stronger recovery to the 1.0800 level. Failure to hold the 1.0700 level will expose 100680 low and see risk for bear extension. [PL]
GBP/USD
View unchanged from this morning with the sharp rally last session above 1.2432 resistance exposing a breakout of 5-week inverted Headshoulder pattern and setting tone for higher upmove with the strong barrier at 1.2775 targeted. Dips to attract fresh buyers. [W.T]
EUR/GBP
Break of the .8610 low and follow-through below the .8600 level see the string support at .8572 now at risk. Break here will weaken and expose the .8450 support and the 200-day MA at the .8400 level to retest. Resistance now at .8668 and the .8700 level. [PL]
Author
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.
