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Flash: What does the EUR/USD have to offer? – Commerzbank and UBS

FXstreet.com (Barcelona) - The shared currency is now easing to the area of 1.3010/15 after better mood in the risk appetite post Chinese manufacturing PMI has lifted the pair to session highs above 1.3030.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the 1.3072 level remains key (resistance line set from February tops). “While this holds, the outlook is bearish and a retest of support at 1.2821/1.2796 is likely, this guards the 1.2740 April low and the 1.2679/61 long term Fibo. Please note we have no additional sell signals and currently we suspect we will see further ranging”.

In addition, G.Berry and G.Yu, Strategists at UBS, commented, “The recent strength does not change the broader bearish picture and the risk is for resumption of downside. Resistance is at 1.3073 ahead of 1.3194. Support is at 1.2934 ahead of 1.2797”. Recall that the Swiss bank remains bearish on the pair.

Flash: USD reasserts strength - OCBC Bank

Emmanuel Ng of OCBC Bank notes that the dollar reasserted its strength on Friday with the antipodeans bearing the brunt as positive readings from US economic releases (May Chicago PMI, U of Michigan consumer confidence) boosted the greenback.
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Flash: GBP/USD recovers off 1.50 test - BBH

Brown Brothers Harriman analysts note that for the second consecutive week, GBP/USD successfully tested the 1.50 level and recovered, the second time even more than the first.
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