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Forex Flash: Commodity pairs bullish while crosses neutral - UBS

FXstreet.com (Barcelona) - UBS strategists Geoffrey Yu and Gareth Berry note that this mornings commodity pairs are technically bullish while EUR technical crosses are neutral ahead.

Starting with AUD/USD they are bullish on the pair and note that resistance can be found ahead at 1.0477, and a break above this would open 1.0599. They see support at 1.0333. Moving to USD/CAD, they note that they are bullish and that a break above 1.0296 would open 1.0366 and then 1.0477 and support is at 1.0181. Shifting to EUR crosses, they begin with EUR/CHF and comment that they are neutral on the pair and that a break above 1.0296 would open 1.0366 and then 1.0447. They see support is at 1.0181. Moving to EUR/GBP, they are neutral and see strong support at 0.8445, with a closing break below representing a bearish development. They see resistance at 0.8602 ahead of 0.8676. Finally, they look to EUR/JPY and comment that they are neutral ahead. They see near-term support at 121.15, and a break below would expose 118.73. They see resistance at 124.50 ahead of 126.04.

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