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, EUR/GBP and USD/JPY.

EUR/USD

Traded in tight range during asian session, and right after european start pair traded heavy. With euro crosses going South and stronger dollar we remain bearish EUR/USD and would sell rallies towards 1.0670/1.0700, with a stop above 1.0714, targeting 1.0570. Resistance at 1,0690.

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USD/JPY

US CPI data yesterday was in line with expectations and ahead of the FOMC minutes tonight and the BoJ meeting tomorrow the pair has traded in a very tight range. It ran out of momentum below 123.50 yesterday despite very positive risk sentiment, but the downside was limited as well. Look to buy around 123.20, with a stop below 123.00.

EUR/GBP

Yesterdays pressure on EUR/USD caused EUR/GBP plummet below 0.7000 level. We could see a slight release rally, but we don’t think the downward move is over yet. Wait until 0.7045/50 to sell the pair with tight stop, looking for another test of 0.7000.