Trade Ideas: EUR/USD, USD/JPY, EUR/JPY, EUR/CHF, AUD/USD - UBS
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, USD/JPY, EUR/JPY, EUR/CHF, and AUD/USD.
EUR/USD: The market's focus has shifted to the upcoming ECB meeting on Thursday, and we expect the market to be keen to sell the pair on any rallies that materialize. We prefer doing the same; selling on rallies above 1.1000, with a stop above 1.1050.
USD/JPY, EUR/JPY: is back to trading at pre-US payrolls levels. Play the range for now, until there is some further guidance on risk. Sell USDJPY at 114.20/30, with a stop above 115. Sell EURJPY close to Friday's high, with a stop above 126.
EUR/CHF: Rallies should run into some resistance, while dips to 1.0880/1.0890 look like good buying opportunities.
AUD/USD: has continued higher post-US payrolls, breaking through the 0.739 double top and eventually topping out around 0.7440. There is no point in trying to fight this move, so we like buying on dips from 0.7390 to 0.7330, with a stop below 0.7250, targeting a move towards 0.7600.
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