GS: G10 FX – London Spot Trader Views – FXWW Chatroom

We enter into a key week in the macro space with the Fed and expectations for a drop in “patience” as well as BoE minutes – we maintain our bullish view on the USD vs EUR, GBP, JPY, CAD

 
{EU} EURUSD Lower => As long as ‘patient’ is dropped  the dollar will stay on the front foot and the uptrend will continue . In the meantime trading is likely to be erratic and range bound with position adjustment the main driver. We maintain our conviction of EURUSD lower. Resistance will now come in at 1.06, while on the downside the next support levels should be 1.0457 (new cycle low set in Asia). 


  {GB} GBPUSD Lower => Fresh cycle lows of 1.4699 on Friday as both the USD rally and political concerns intensify. BoE minutes  likely less relevant but probable discussion of GBP strength given recent noise from MPC.  We continue to favour broader USD strength vs GBP with key levels: resistance at 1.4810/14 and 1.4900, support at 1.4699 


  {JN} USDJPY Higher => We still like the pair higher with levels to watch: the key resistance level is 122.00-05, while on the downside, the main support levels are 120.90 and 120.60-75 below. 


  {CA} USDCAD Higher => We like the pair higher again. Key technical levels: support at 1.27 and then 1.2680, with the main resistance level coming in at 1.2800, then 1.2824.

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