Trade Ideas: EUR/USD, USD/JPY, USD/CHF, GBP/USD, AUD/USD, USD/CAD - UBS
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, USD/JPY, GBP/USD, USD/CHF AUD/USD, NZD/USD, and USD/CAD.
EUR/USD: is getting close to very decent support at 1.0950/80, which held seven or eight times on the way up. The 100-day moving average is also at 1.0955, so there will be a lot of wood to chop for the next 100 pips. We expect sellers to start moving their interest lower and can't really see the pair above 1.1150 in the short term.
USD/JPY: There was a lot of downwards pressure from yen crosses yesterday, but USDJPY initially held up well. However, the pair eventually gave in today and moved lower. The upside should be limited for now. Look to sell USDJPY and EURJPY on bounces.
USD/CHF ran into decent selling interest around parity yesterday, putting the cross under pressure. We prefer staying short EURCHF, particularly now that EURUSD is trading heavy. For UDSCHF, continue to play the range and stay flexible.
GBP/USD: The sudden rush to the downside has felt a bit overdone, and once momentum fades, the sterling should fight back. We prefer to wait to sell Cable at higher levels, but in the meantime, try EURGBP shorts. We would look to short the cross around 0.7825/35, with a stop above 0.7900.
AUD/USD: Price action looks constructive. Stick to playing the pair from the long side against the short-term pivot at 0.7180/90, targeting a move towards 0.7380.
USD/CAD: is stuck in the same range it was in last week. It has tested the lower end of the range, with price action similar to other commodity currencies, but has been particularly affected by the bounce in crude oil prices and has found a base ahead of 1.3660. Take profit on shorts and look to play the range. Sell on rallies to 1.3800, with a stop above 1.3860, and buy on dips below 1.3660, with a stop below 1.3600.
PS: Copy signals and Earn on Forex4you - https://www.share4you.com/en/?affid=0fd9105
