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Forex Flash: Commod pairs bullish as EUR crosses mixed - UBS

FXstreet.com (Barcelona) - UBS strategists Gareth Berry and Geoffrey Yu have taken a look at this mornings Commodity pairs and EUR crosses from a technical perspective and note a mixed picture.

Starting with AUD/USD, they are bullish and note that with the trending and momentum indicators pointing north, setbacks will be limited. They feel that there is no major resistance until 1.0599. They see support at 1.0333. For USD/CAD, they are too bullish, noting that while support at 1.0181 holds, there is scope for resumption of upside. they highlight resistance at 1.0285 ahead of 1.0342.

Pushing to EUR crosses, they are neutral EUR/CHF and note that there is resistance at 1.2255 ahead of 1.2305. They see support at 1.2167 ahead of 1.2120. In terms of EUR/GBP, they are bearish and believe that there is strong support at 0.8445, with a closing break below representing a bearish development. They see resistance at 0.8561 ahead of 0.8602. Finally, they come to EUR/JPY and note that they are neutral on the pair. They write, “Yesterday’s sell-off ended the recent sideways trading, suggesting extension of the broader correction phase. Support is at 118.73. Resistance is at 124.50.”

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