Trade Ideas: EUR/USD, USD/JPY, EUR/CHF, AUD/USD, USD/CAD - UBS
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, USD/JPY, EUR/CHF, AUD/USD, and USD/CAD.
EUR/USD: The heavy tone remains intact and we still prefer playing the pair from the short side, but it has moved almost 300 pips lower since last Monday and we think it might be time to scale back and wait for better levels. Plan to get short if EURUSD moves above 1.0900, adding ahead of 1.0950, and cutting above 1.1000.
USD/JPY: After strong data from the US, it feels safer to play USDJPY from the long side. The pair remains rangebound after the double bottom around 111.00. Look to sell closer to 113.30, with a stop above the short-term trend line, which comes in around 113.80.
EUR/CHF: Profit-taking in EURCHF around 1.08 makes sense, as there might be some protection in this area. However, we still prefer selling on rallies towards 1.0880/1.09, as pressure on the euro is likely to persist.
AUD/USD: Stick to longs if the support at 0.7100/0.7110 holds, looking for a move towards 0.7250. There should be short-term resistance at 0.7175.
USD/CAD: price action remains soft, although there was test higher yesterday. We think there is better risk:reward in buying on dips, with a stop through 1.3440, targeting a move towards 1.3800.
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