EUR: We continue to favour expressing EURUSD shorts, with the market like to look and build dollar length into the FOMC meet mid-week. Levels: 1.0955 support, 1.1030 resistance.
JPY: USDJPY itself will like continue to drift around in a 123.60/70-124.15/20 range barring any global shock – on the margin expect the market try an build some Dollar length into next week’s FOMC.
GBP: EURGBP should ultimately prove to be a fade. Levels: Cable support at 1.5500 followed by 200dma at 1.5406, topside 1.5570. EURGBP 0.7050/70 – 0.7120.
AUD/NZD: Given the move in commodities, we still think AUD has more room to run lower too, with the next level to the down side 0.7205/0.7190. Initially resistance at the old low of 0.7329 with more defined resistance at 0.7450. It feels as though Kiwi has some legs to move lower heading into FOMC with levels: NZD 0.6560 support with 0.6709 resistance.
CAD: We do have rig counts today, where the asymmetric for an increase in rigs seems to favour USDCAD higher. Support at 1.2946, yesterday’s low with more defined support at 1.2880. Resistance at 1.3065.