#EURUSD @ 1.06867 has popped higher in the open and eyes 1.0700. (Pivot Orderbook analysis)

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• EUR/USD has popped higher in the open and eyes 1.0700.
• UBS is said to take over Credit Suisse in a deal aimed at stemming what was fast becoming a global crisis of confidence.

The pair currently trades last at 1.06867.

The previous day high was 1.0685 while the previous day low was 1.0607. The daily 38.2% Fib levels comes at 1.0655, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0637, expected to provide support.

EUR/USD has started out the day on the bid following the news that Switzerland’s UBS has reached a deal to buy struggling rival Credit Suisse after an intense weekend of negotiations. EUR/USD is up 0.2% at the start of trade, reaching a high of 1.0689.

The 50 bps move from the European Central Bank on March 16 was accompanied by a risk-on the environment which has been weighing on the US Dollar as investors see the light at the end of the tunnel with respect to the banking crisis. Credit Suisse’s chief executive said on Friday the bank was working hard to stem customer outflows and on Sunday UBS is said to take over Credit Suisse in a deal aimed at stemming what was fast becoming a global crisis of confidence.

Credit Suisse, the 167-year-old embattled lender had been brought to the brink of financial calamity last week, despite securing a $54bn (£44bn) credit line from Switzerland’s central bank. Meanwhile, European Central Bank (ECB) supervisors do not expect contagion for euro zone banks from the market turmoil, a source familiar with the content of an ad hoc supervisory board meeting this week told Reuters.

´´In our view prevailing uncertainties suggest that USD strength is unlikely to fade too much in the weeks ahead. We have not (yet) made any adjustments to our EUR/USD forecasts due to recent market events,´´ analysts at Rabobank said. ´´We are forecasting EUR/USD at 1.06 on a 1 month and 1.05 in 3 months. We continue to expect the USD to give up some ground later in the year.´´

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0667 at the time of writing. Pair opened at 1.0667 and is trading with a change of 0.0 % .

The pair is trading above its 20 Daily moving average @ 1.0624, below its 50 Daily moving average @ 1.0728 , above its 100 Daily moving average @ 1.0569 and above its 200 Daily moving average @ 1.0326

The previous day high was 1.0685 while the previous day low was 1.0607. The daily 38.2% Fib levels comes at 1.0655, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0637, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0621, 1.0574, 1.0542
• Pivot resistance is noted at 1.0699, 1.0731, 1.0778

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