UBS - "USDCAD BULLISH Initial resistance is at 1.0296, a break above this would open 1.0342 and then 1.0447. Support is at 1.0199.

AUDUSD BEARISH Any upside will be correction, unwinding the overextended downside conditions. Resistance is at 0.9831 ahead of 0.9918. The broader focus is for a test of major support at 0.9582.

EURCHF BULLISH With bullish trend in place, focus is on resistance at 1.2525, a break above which would open 1.2569. Support is at 1.2436 ahead of…

Bank of America Merrill Lynch - "We expect the Euro outlook in the next few months to be determined by ECB policies and market expectations for their direction compared with FED policies. In turn, we believe that the impact of ECB policies on the Euro will be determined by the balance between monetary policy loosening to address weakness in the core

Eurozone economies and deflation risks on the one hand, and policies to address the continued credit crunch in the periphery on the other.…

UBS - "EURUSD BEARISH The pair is under pressure, trading close to Wednesday's low at 1.2843. A break below this would expose 1.2746 ahead of 1.2662. Resistance is at 1.2943 ahead of 1.3029.

EURCHF BULLISH With bullish trend in place, focus is on resistance at 1.2525, a break above this would open 1.2569. Support is at 1.2361.

EURGBP BEARISH With the MACD below its zero line, focus is on support at 0.8389. A break below this would expose the important 0.8587. There is an important…

UBS - "USDCAD NEUTRAL Resistance is at 1.0217 ahead of 1.0294. Support is at 1.0082 ahead of 1.0014.

AUDUSD BEARISH Support is at 0.9821, a break below this would pave the way for further weakness to 0.9711. Resistance is at 1.0018.

EURCHF BULLISH With bullish trend in place, focus is on resistance at 1.2515, a break above this would open 1.2569. Support is at 1.2387.

EURGBP NEUTRAL There is an important resistance at 0.8546, a break above would open 0.8590. Support is at 0.8432…

UBS - "USDCAD NEUTRAL The pair is held by the strong support area at 1.0084/71. A break here would be a bearish development. Resistance is at 1.0175 ahead of 1.0214.

EURCHF BULLISH There is scope for more upside as bullish trend persists. Resistance is at 1.2312 ahead of 1.2349. Support is at 1.2240 and 1.2214.

EURGBP BEARISH The cross is testing important support at 0.8410. A closing break below would be a strong bearish development; triggering deeper sell-off to 0.8285.…

UBS - "EURCHF BULLISH There is scope for more upside and the next major resistance is at 1.2398. Support is at 1.2264.

EURGBP NEUTRAL Support is at 0.8497, a break below which would expose 0.8463 ahead of 0.8410. Resistance is at 0.8590 ahead of 0.8648.

EURJPY BULLISH As long as support at 127.82 holds, there is potential for the cross to extend its broader strength. Near-term resistance is at 130.70, a break above this would open 132.05.

EURUSD NEUTRAL Resistance is at 1.3108, a…

UBS - "EURCHF NEUTRAL Resistance is at 1.2213. Strong support is at 1.2120.

EURGBP BULLISH The cross came under pressure from resistance at 0.8648. A closing break above would be positive, opening 0.8747. Support is at 0.8490 ahead of 0.8436.

EURJPY BULLISH Initial resistance is at 129.74, a break above would open 132.05 ahead of 134.38. Support is at 126.44 ahead of 124.94.

EURUSD NEUTRAL Support is at 1.2974 ahead of 1.2920. Resistance is at 1.3126 ahead of the more critical…

UBS - "EURCHF NEUTRAL Resistance is at 1.2173 ahead of 1.2213. Strong support is at 1.2120.

EURGBP NEUTRAL The cross is unwinding the sharp sell-off of March. Resistance is at 0.8560 ahead of 0.8602. Support is at 0.8463 ahead of 0.8410.

EURJPY BULLISH The risk is for resumption of strength as bullish trend persists. Resistance is at 128.03 ahead of 132.05. Support is at 123.70.

EURUSD NEUTRAL Support is at 1.2988, a break below this would expose 1.2896. Resistance is at 1.3138…

UBS - "EURCHF NEUTRAL Resistance is at 1.2230. There is a significant support at 1.2120; only a break below this would be a major bearish development.

EURGBP NEUTRAL Resistance is at 0.8602 ahead of 0.8648. Support is at 0.8463 ahead of 0.8410.

EURJPY BULLISH As trending indicators are firmly bullish, there is scope for test of critical resistance at 132.05 and then 134.48. Support is at 128.44 ahead of 126.76.

EURUSD NEUTRAL There is a strong resistance at 1.3115. A closing…

UBS - "EURCHF NEUTRAL There is a significant support at 1.2120. Resistance is at 1.2202 ahead of 1.2255.

EURGBP BEARISH The recovery over the past two days is to unwind the overextended downside conditions. Resistance is at 0.8557. Support is at 0.8410 ahead of 0.8364.

EURJPY BEARISH The risk is for extension of weakness. Focus is on critical support at 118.73, a break below this would expose 116.85. Resistance is at 121.87.

EURUSD BEARISH As bearish trend persists, focus is…

Deutsche Bank - "First, we believe the policy response in Cyprus has been very counter-productive. As of today, freedom of capital movement is suspended in Cyprus. Economic and Monetary Union across the entire Eurozone no longer exists.

(...) Second, we've been negatively surprised by political developments. It is looking increasingly likely that Italy will be heading towards a second general election, with an unpredictable…

UBS - "EURCHF NEUTRAL Resistance is at 1.2255 ahead of 1.2305. Support is at 1.2167 ahead of 1.2120.

EURGBP BEARISH There is a strong support at 0.8445 - a closing break below this would be an important bearish development. Resistance is at 0.8561 ahead of 0.8602.

EURJPY NEUTRAL The risk is for extension of the broader correction phase. Support is at 120.08 ahead of 118.73. Resistance is at 123.85 ahead of 126.04.

EURUSD BEARISH As bearish trend conditions persist, there is scope…

JP Morgan - "EUR/USD targets are unchanged this month – Q2 1.32 and Q4 1.34 – despite the turmoil in Cyprus, but the risk bias is to the downside. The corresponding targets for various crossrates are EUR/JPY 128 and 131, EUR/GBP 0.895 and 0.885, EUR/CHF 1.22 and 1.21, EUR/SEK 8.40 and 8.35, EUR/PLN 4.10 and 4.00 and EUR/MXN 16.24 and 16.35.

Alternative scenarios to our base-case view

Risk bias: Downside in Q2

Scenarios

Bearish:…

UBS - "The Swiss franc has been a clear beneficiary of events in Cyprus. Domestic clients in Switzerland have steadfastly refused to buy EURCHF even though the cross has traded in a more volatile manner this year above the Swiss National Bank's minimum 1.20 target floor. That view has been based on the Eurozone crisis presenting too much risk for holding long EURCHF positions. This month's events in Cyrpus will only reinforce such convictions amongst Swiss clients.

As a result EURCHF is…

UBS - "EURCHF NEUTRAL Resistance is at 1.2305 ahead of 1.2398. Support is at 1.2167 ahead of 1.2120.
EURGBP NEUTRAL There is a strong support at 0.8445 - a closing break below this would be a bearish development. Resistance is at 0.8615 ahead of 0.8684.
EURJPY NEUTRAL Near-term support is at 121.15, a break below would expose 118.73. Resistance is at 126.04 ahead of 127.71."

UBS - "EURCHF NEUTRAL Resistance is at 1.2344 ahead of 1.2398. Support is at 1.2251 ahead of 1.2227.
EURGBP BULLISH Resistance is at 0.8696 ahead of 0.8831. Any downside should be limited, with support at 0.8576 ahead of 0.8535.
EURJPY NEUTRAL The immediate risk appears to be for extension of the consolidation phase. Resistance is at 124.28 ahead of 127.92. Support is at 120.36 ahead of 118.73."

UBS - "EURUSD NEUTRAL The next support is at 1.2998, a break below this would expose 1.2877. Any upside in the near-term will be limited and resistance is at 1.3319.

EURCHF NEUTRAL Resistance is at 1.2328 ahead of 1.2387. The strong support is at 1.2064.

EURGBP BULLISH The sharp sell-off does not change the bullish theme and the risk is for resumption of upside. Support is at 0.8535. Resistance is at 0.8815.

*NOTE: The trend for each currency pair as defined in the table is…

Societé Generale - "Markets continued to consolidate while reallocation trades helped risky assets to outperform and the USD to come under some pressure. Fears regarding the UK are steadily rising reinforcing a bearish tendency in the pair. We remain short GBP, CHF, JPY and AUD. AUD will continue to hurt and it is a better strategy to sell it on rally.

(...) All in all, the market will use any bearish excuse to sell the JPY as confirmed by our internal flow. (...) We prudently buy…