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Forex Flash: Commodity Currencies and Technical Crosses technicals largely neutral - UBS

FXstreet.com (Barcelona) - UBS analysts Gareth Berry and Geofrrey Yu have taken a look at today´s commodity currencies and technical crosses and are largely neutral from a technical perspective.

Starting with commodity pairs, they see that AUD/USD is neutral, noting that only a closing break above strong resistance at 1.0414 would confirm the recent strength, opening 1.0458 and then 1.0599. They see support at 1.0300. Moving to USD/CAD, they are bullish, commenting that latest strength reinforces the broader bullish theme. They feel that a break above 1.0296 would open 1.0366 and then 1.0447. They see support at 1.0214 ahead of 1.0181. Moving to technical crosses, they see that for EUR/CHF the pair holds a neutral bias with resistance at 1.2305 ahead of 1.2398. Ahead they see support at 1.2167, ahead of 1.2120. Looking at EUR/GBP they are neutral and there is strong support at 0.8445, with a closing break below would be a bearish development. They see resistance at 0.8615 ahead of 0.8684. Finally, moving to EUR/JPY, they are again neutral and note that near-term support is at 121.15, with a break below would expose 118.73. Further, they note that resistance is at 126.04 ahead of 127.71.

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