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 and USD/CAD.

EUR/USD

Todays trading is much calmer than yesterday – obiously everyone are waiting for todays FOMC at 2 PM ETC. Close to the year end, liquidity is becoming an issue, so we would rather getting involved in shorts near 1.1000 and/or going long right above 1.0905. Support at 1.0905, 1.0880, 1.0840 and 1.0790; resistance at 1.0975, 1.1000 and 1.1060.

Get free $25 deposit and use these Trade Ideas in your own trading.

GBP/USD

Similarly to EUR/USD, GBP/USD is trading its recent range ahead of todays FOMC decision. Even worse than expected UK data wasn’t a big movemaker, leaving GBP/USD above 1.5000 which is pretty stron support right now. Things might change quite rapidly, so we would rather stay on the sideline. Support at 1.5030, 1.4974 and 1.4903; resistance at 1.5098, 1.5134 and 1.5160.

USD/CAD

Pair is still highly correlated with crude oil prices. Tommorow we could listen to BoC governor Poloz comments about Bank’s recent actions. He also add some projections for 2016, 2017 with situation getting much better. Strong supply over 1.3680 creates a support zone, with UBS analysts still pretty bullish. We prefer buying on dips but remain cautious of getting long at the wrong levels. Support at 1.3680, 1.3625 and 1.3500; resistance at 1.3780, 1.3820 and 1.4000.