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, USD/CHF and AUD/USD.
Pair traded a little bit choppy yesterday, with strong reaction after weaker than expected Canadian Q3 GDP data. Today’s BoC monetary policy decision isn’t really that mover, and market will probably focus on Yellen speech. Short-term resistance at 1.3400, followed by the 2015 high of 1.3460 and then 1.3525. Support at 1.3325, 1.3280 and 1.3225.
ADP NFP data is ahead, but UBS doubts that this is going to get EUR/USD out of its range. Pair is still trading horyzontal and any rally above 1.6500 should interest the bears. Support at 1.0600, 1.0550, and 1.0520.
Pair is range trading ahead of the ECB meeting and US payrolls. US manufacturing PMI data was surprisingly weak yesterday which made a point at the chart. Use the intraday moves, and buy if the pair would be near 122.60/70.