Conviction in the USD trade feels very low and in that sense this week’s US employment report will hold the key to where we go from here. We maintain a minimum risk stance.
{EU} EURUSD Flat=> Friday’s US employment data should indicate where to go from here but until then we prefer to be in waiting mode and play the range. Key levels for the session are: On the downside 1.1220, 1.1170-75 and then 1.1070 seem like reasonable support levels, while on the topside we should find resistance at 1.1295-1.1300 and then 1.1260.
{GB} GBPUSD Flat => Flows continue to be driven by position reduction into the event and we have been a better seller on rallies, with key levels for the session: support back at the 1.5150 pivot with resistance levels at 1.5240 and 1.5300.
{JN} USDJPY Flat=> We maintain our positioning here with key levels for the session: 119.36 and 119.00 should be the first meaningful support levels, with 120.00-05 and yesterday’s high of 120.50 offering some good resistance for this session, and then 120.85 (highs from the past couple of weeks).