EUR/USD: While we are on the sidelines now, we will be keen to enter a short position at some point, as 1.2850 seems to be becoming a huge resistance. Short from 1.2750 and add at 1.2780 with a close stop at 1.2805 for a test of 1.2675.
USD/JPY: Risk still seems vulnerable. Stay flexible intraday but from a macro point of view, long USDJPY is the trade to have.
USD/CHF: With the S&P higher for the third day in a row, a test of resistance seems likely again. We favour buying on dips towards 0.9430-50 with stops just below the figure. EURCHF is still rangebound; play the 1.2060-1.2080 range.
AUD/USD: With risk sentiment turning, we expect better levels to establish fresh shorts. Fade moves ahead of 0.8900 to 0.8950 with stops above 0.9025
UBS