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26 Mar 2013
Forex Flash: Majors looks led by USD strength - UBS
FXstreet.com (Barcelona) - UBS strategists Gareth Berry and Geoffrey Yu have taken a look at this mornings majors from a technical perspective and note USD strength.
Beginning with EUR/USD, they are bearish and note that with the momentum crossing lower and trending bearish indicators, they are looking for a break below 1.2736 to expose a move to 1.2662. they see resistance at 1.3048. Moving to USD/JPY, they are bullish and add that there is strong support at 93.11. They feel that while this holds on closing basis, there is scope for resumption of strength. They see resistance at 95.12 ahead of 96.71. Pivoting to GBP/USD, they are neutral on the pair and add that they see resistance at 1.5321 ahead of 1.5424, which should hold any upside. They see support at 1.5102 ahead of 1.5027. Last but not least, they are bullish USD/CHF and comment that the pair bounced sharply yesterday after testing important support at 0.9359. They write, “While this holds on closing basis, there is scope for a move higher to 0.9567.”
Beginning with EUR/USD, they are bearish and note that with the momentum crossing lower and trending bearish indicators, they are looking for a break below 1.2736 to expose a move to 1.2662. they see resistance at 1.3048. Moving to USD/JPY, they are bullish and add that there is strong support at 93.11. They feel that while this holds on closing basis, there is scope for resumption of strength. They see resistance at 95.12 ahead of 96.71. Pivoting to GBP/USD, they are neutral on the pair and add that they see resistance at 1.5321 ahead of 1.5424, which should hold any upside. They see support at 1.5102 ahead of 1.5027. Last but not least, they are bullish USD/CHF and comment that the pair bounced sharply yesterday after testing important support at 0.9359. They write, “While this holds on closing basis, there is scope for a move higher to 0.9567.”