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Forex Flash: Commodity currencies and Euro crosses mixed – UBS

By FXstreet.com,  December 13, 2012, 04:13:00 AM EDT

FXstreet.com (Barcelona) - The UBS strategy team have taken a look at today´s commodity currencies and EUR crosses from a purely technical perspective.

Starting with AUD/USD they note a bullish tone in the trend indicators and scope for an extension of strength to 1.0625 with support below at 1.0461. USD/CAD is seen as bearish and the risk is for more downside with the support focis on 0.9795 ahead of 0.9765. They see resistance at 0.9888 ahead of 0.9934.

Moving onto EUR crosses, they are neutral on EUR/CHF, noting that the pair is facing critical resistance at 1.2185 with support to be found at 1.2063 and 1.2030. EUR/GBP is also neutral but momentum tools are beginning to cross higher, indicating a potential test of resistance at 0.8148/69 with support below at 0.8062/32. Finally, they are bullish EUR/JPY and note that the recent sharp rally extends the bullish pattern of higher highs and higher lows. They see significant resistance at 111.02/44 and support at 107.27.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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