Trade Ideas are short term (mostly intraday) forex strategies realesed daily by UBS analytics. In todays release we can get to know with their ideas for such currency pairs like EUR/USD, GBP/USD, USD/JPY and EUR/GBP.
EUR/USD
US markets are closed for a Presidents Day so we don’t expect any great volatility. Todays Mario Draghi speech in Brussel is antoher risk factor, so we’d rather try to squeeze EUR/USD until 1,1100/20 area.
GBP/USD
With US market closed GBP/USD likely remains in Friday trading range. Buy the pair on dips with stops through 1.4330, for a retracement below 1.4400. Cable is supported at 1.4370/1.4350/1.4250 with resistance at 1.4580/1.4670/1.4830.
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USD/JPY
Huge rebound on Nikkei (plus 7%) in the short term should support USDJPY and yen crosses. However, sentiment could easily turn sour very quickly, so we still prefer selling into rallies. Look to sell closer to 115.00, with a stop above 116.25. Support at 113.30 and 112.60.
EUR/GBP
In first few hours of todays session EUR/GBP has fallen near 0.7710 but now we’re in a corrective move. Try to get involved on the high and sell the pair to last week’s low at 0.7660.
