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/CAD and EUR/GBP.
EUR/USD
Pair is trading down since european market start. With worse tha expected european data EUR is main target of bears on the market. Probable Brexit doesn’t help at all. Stick to the sell side and watch out for these levels: support at 1.1085, 1.1060 and 1.1025; resistance at 1.1130, 1.1150 and 1.1180.
GBP/USD
Brexit does some serious bearish injuries to GBP/USD. Pair is trading whole figure below Fridays close but there might be some more room for cable to move lower. Keep a very close eye on any further news related to this. Support at 1.4200, 1.4150 and 1.4080; resistance at 1.4235, 1.4300 and 1.4373.
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EUR/GBP
There is some volatility on EUR/GBP with both EUR and GBP suffer. European data doesn’t help bulls on EUR. Support at 0.7776 and 0.7708; resistance at 0.7819, 0.7845 and 0.7897.
USD/CAD
Some relief on oil chart helps CAD to drop USD/CAD a bit lower. We expect choppy trading to continue and for the correlation with oil to remain intact. Stick to shorts, targeting a test of 1.3650/1.3625.
