The following are UBS’ latest short-term (mostly intraday) trading strategies for EUR/USD, USD/JPY, and GBP/USD.
EUR/USD: had a very quiet start to the week, holding the 1.1380-1.1440 range so far. We have very few data releases today. The pair will be news-driven as Eurozone finance ministers meet again in Brussels to try and resolve the Greek impasse.
USD/JPY: has had a quiet start so far. Japan GDP data, released overnight, had limited impact on Nikkei. We expect the pair to trade in a tight range. Buy at 118.20/30 with stops below 117.70, for 119.20.
GBP/USD, EUR/GBP: With massive pressure on EURGBP, we prefer selling rallies for another test of the supports. In cable, play the 1.5350-1.5500 range with a topside bias.