== $ == Banks Orders Book == $ ==

An ACB sold EUR/USD earlier

Middle East name again noted seller of GBP/USD

EUR/JPY - bids from 129.20 down to 129.00, then 128.60 and in good size at 128.00; sell stops accumulating again beneath 128.50; offers noted at 130.00, 130.40/50 and large ahead of 131.00

AUD/USD - demand seen at 0.92, 0.9150 and 0.9120 with stops in good size beneath the big figure; supply heavy above 0.93 up to 0.9350 with large buy stops beyond the mid figure through 0.9360

USD/JPY has bids at 98.50, 98.50 and large from 98.20 down to 98.00; sell stops in good size sub-98.00; offers at 99.60, 100.00 and in decent size around 100.50/60; buy stops building above the 100.00 level

UBS Daily FX Report

FX Technicals

EURUSD - NEUTRAL

Today's sharp advance tested the resistance at 1.3164. A closing break above this would be positive opening 1.3417. Support is at 1.2963.

USDJPY - BULLISH

The sharp sell-off seen recently is trading above the support at 97.66, which is expected to hold. Resistance is at 101.53 ahead of key resistance at 103.74.

GBPUSD - BEARISH

The sharp advance tested the resistance at 1.5172. With the MACD below its zero line this is expected to hold on closing basis. Support is at 1.4999 ahead of 1.4814.

USDCHF - NEUTRAL

Sharp sell-off is trading above the support at 0.9367. A closing break below this would be negative. Resistance is at 0.9596.

AUDUSD - BEARISH

With the bear trend intact resistance at 0.9325 should hold on closing basis. Support is at 0.9159 ahead of 0.9037.

USDCAD - BULLISH

Recent sharp fall stalled just above the support at 1.0373. Will the bull trend intact this should hold on closing basis. Resistance is at 1.0540 ahead of 1.0609.

EURCHF - BULLISH

Critical resistance is at 1.2485. A closing break above this would be positive, opening 1.2650. Downside should be limited, with support at 1.2371.

EURGBP - BULLISH

There is a strong resistance at 0.8656, which is currently being tested. With the momentum tools crossing higher, a closing break above this would trigger further upside. Support is at 0.8575 ahead of 0.8469.

EURJPY - BULLISH

Downside should be limited, and we expect the support at 128.04 to hold. Resistance is at 131.12 ahead of the key 133.80.

Source - UBS FX Strategy

EUR/USD - buy stops building above 1.3080

EUR/AUD - Macro fund noted as on-going buyer

US Market Report


EUR/USD
•Asian Central Bank and sovereign names noted sellers
•Some selling from macro funds in early London session
•Later, specs mostly remained on the sidelines
•Bids at 1.3020, 1.30 and larger at 1.2940/50
•Sell stops noted at 1.2980/90 and in good size sub-1.2940
•Offers at 1.3080, 1.3140/50 and heavy at 1.32
•Buy stops accumulating above 1.3150 and 1.32

GBP/USD
•Middle East and sovereign name seen as sellers
•Bids at 1.5060 and in better size from 1.50 down to 1.4980
•Sell stops beneath 1.4980 and sub-1.4950
•Offers from 1.5180 up to 1.52
•Buy stops building above 1.52

USD/JPY
•Strong demand from Japanese accounts noted
•Importers and speculators eager to buy the dips
•US fund also seen as buyer
•Importer bids at 98.80
•More demand seen at 98.50 and larger at 98.20
•Sell stops sizeable sub-98.20 and beneath the big figure
•Offers at 99.60, 100.00 and larger at 100.50
•Buy stops resting above the 100.00 level and 100.50

AUD/USD
•Bids at 0.9150, 0.91 and larger around 0.9080
•Sell stops at 0.9140 and beneath 0.91
•Offers at 0.9250, 0.93 and heavy ahead of 0.9350
•Buy stops building above the mid figure, larger above 0.93 through 0.9310

USD/CAD
•Bids at 1.0380, 1.0350 and 1.0320
•Sell stops building at 1.0310
•Offers at 1.0420, 1.0450 and 1.0480
•Buy stops at 1.0460 and larger above 1.05

KEY NEWS
•12:30 GMT (08:30 EST) - US Initial Jobless Claims

EU Brief - London

[LONDON 11.26 July 11] EUR/USD dropped swiftly in the opening gambits of the European session. The slide was certainly exacerbated by a lack of liquidity, but saw a variety of sellers. ACBs led the way selling at 1.3080 and 1.3060 after their more aggressive euro sales within 1.3120-50. Corporates and a Middle East fund also sold euros, and that drew leveraged accounts to buy dollars. The latter though found the base after first tripping stops through 1.3025. Buyers seemed to follow ECB’s Weidmann’s suggestion that the bank was not tied to forward guidance. There was some also some buying linked to the 100-DMA at 1.3030 and daily Ichimoku cloud base at 1.3023. After such massive moves consolidation is inevitable. 1.30-1.31 looks the obvious range, with 1.3000/25 and 1.3050 expires, likely to attract within those parameters. 21-DMa at 1.3087 also influential.
jeremy.boulton at thomsonreuters com

EUR/USD

EUR/USD - Stops underneath 1.3000 growing

AUD/USD - Strong downward pressure as leveraged funds sell this pair along with hedge funds; model funds now adding to the selling momentum. Stops below .9150 in good size being eyed. Some bids at .9100 with more stops below

USD/JPY - Offers at 99.50 with stops above, more offers from 99.80 through 100.00

Options Expiries for the NY Cut - 10:00AM ET

USD/JPY - 99.00, 99.40 (big), 99.80, 99.90 (biggest)

EUR/USD - 1.2950 (big), 1.3000 (big), 1.3025, 1.3100

AUD/USD - .9200

GBP/USD - 1.5070

AUD/JPY - 91.55

EU S/T support HOLDS first assault

Persistent selling of EUR/USD from HFs sees pair test s-t supt near 1.300/10
Support holds as dip buyers in EUR/AUD & EUR/GBP aid to halt slide
Large stops sub-1.3000 safe as pair bounces near 1.3050
Large 1.3000 expiry & a 1.3025 expiry may limit gains & put stops back in play
Intra-day stops sit above 1.3080 & may attract if no pullback soon

AUD/USD - Stops under 0.9150 getting worked through

EUR/JPY - US leveraged fund selling EUR/JPY eyeing the stops below 128.80. Being held back by bids at 129.00 for now

EUR/USD

USD/JPY - Bids ahead of 98.50, more stops underneath. Much stronger bids ahead of 98.00 barrier, but also stops in good size below