EUR/USD: We are not ready to flip the bearish view, but think it’s worth trimming the position, and only adding if EURUSD gets closer to Friday’s 1.2990 high.
USD/JPY: Dips near 106.00 are a buy, with support initially at 105.70 ahead of 105.50. On top we are in fresh territory for the past six years; barriers will likely be magnets.
AUD/USD: With 0.9200 now broken – this has been the base since April – we would continue to play this from the short side. Trail your stop lower to 0.9265 to lock in some profit, and target a test of 0.9000/0.8995. The low so far has been 0.9113.
USD/CAD: Price action here is a bit less encouraging, but look to buy current dips near 1.0940 for the next test higher, with stop below the recent uptrend line that comes in around 1.0850.
UBS