Goldman Sachs FX Spot Desk Strategies

OVERVIEW => USD price action was encouraging following yesterday’s mixed data and we think that ultimately the USD will be reactive to better data. We hold on to our long USD position mostly vs JPY and EUR. Our positioning remains less than 1/3 of max. 
{EU} EURUSD Lower => We continue to like the pair lower but maintain moderate positioning. Key levels for the session: Support comes in at 1.0890-1.0900, will resistance at 1.1000 and then 1.1050-60. 
{JN} USDJPY Higher => We continue to like the pair higher, with key levels for today: Resistance at 125.07 and support at 124.45 ahead of 123.85-90 and 123.60. 
{GB} GBPUSD Neutral => We remain neutral on cable for now and continue to think there are better value USD longs to be held elsewhere. Levels on cable: Support at 1.5167 – 70 (100dma) and then 1.5143 (55dma), with resistance at 1.5305.

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