UBS intends to stay away from EUR/USD in waiting for the FOMC this evening but confirmed its upward bias over the longer term.
«The information on the ECB yesterday about concerns about the rise of the Euro had a very limited impact and the momentum seems to be always in favor of the increase of EUR/USD for the moment.
But before the Fed meeting this evening, we prefer to stay away from EUR/USD and we focus on the purchase of other currencies in EUR.
In the longer term, the uptrend channel from April is still intact, and closer to 1.1800/50, which we consider as a strong area of purchase for the time being, while the economic conditions in the euro area seem to always improve. «