Forex Flash: Commodity pairs and EUR crosses broadly neutral - UBS

FXstreet.com (Barcelona) - UBS Strategists Gareth Berry and Geoffrey Yu have taken a technical look at this mornings Commodity pairs and Euro crosses and note that there is a neutral bias.

Starting with AUD/USD, they are bullish and believe that any setback will be limited, with main support at 1.0351, which they expect to hold. They see resistance at 1.0497, and a break above would open the door to 1.0599. Moving to USD/CAD, they are neutral, and note that the latest weakness suggests scope for extension of correction to test support at 1.0137 and then 1.0089. They see resistance at 1.0196 ahead of 1.0233. Moving to EUR crosses, they start with EUR/CHF of which they are neutral. They note that support is at 1.2167 ahead of 1.2120 and resistance is at 1.2218 ahead of 1.2255. They are bearish EUR/GBP, noting that the risk is for extension of weakness to test support at 0.8362 in the near-term, and a breach of which would open 0.8285. They see resistance at 0.8499 ahead of 0.8561. Finally, they come to EUR/JPY and comment that they are neutral and the risk is for extension of the broader correction phase. They see critical support is at 118.73 with resistance at 121.87 ahead of 123.85.