EUR/USD: had a strange run up after the better-than-expected US GDP yesterday. We didn’t see anything special in this move and the pair seems to be in no-man’s land. We have squared our shorts after yesterday’s move and will only get back if the pair slips below 1.2425 or heads above 1.2500.
USD/CHF: We expect liquidity to be scarce given the long weekend in the US, likely leading to some unexpected moves. Fade moves towards the next support at 0.9610 or resistance at 0.9680-90.
GBP/USD: Spot seems ready to retest the November highs. Buy on dips but be cautious around 1.5690-85, where cable topped twice yesterday.
UBS