Goldman Sachs Spot Desk Strategies

Ahead of a busy week of US data (NFP, unemployment, PCE…), we maintain our moderate stance (currently around 1/3 of max), and hold on to our dollar length. We are still looking to be more flexible, and maintain our long USD position vs EUR and GBP.
{EU} EURUSD Lower => We maintain our conviction of EURUSD lower from here, with key technical levels: Resistance will now come in at high of 1.0950, while on the downside the key support levels will be 1.0830 and 1.0768.
{GB} GBPUSD Lower => We still expect GBP to struggle on a relative basis irrespective of foreign data given election focus intensifying – levels: lows from last week of 1.4799 the support, with Friday’s highs of 1.4923 immediate resistance.
{JN} USDJPY Neutral => We remain neutral here, with key levels: 119.80 and 120.00 is the main resistance areas, with 118.90 the strong support level below. That said, with NFP later in the week, we can see USD catch a bid here.
{CA} USDCAD Neutral => We remain neutral here, with key technical levels: support at 1.2550 and then 1.2350, with the first resistance level coming in at 1.2725 and above.

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