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19 Apr 2013
Forex Flash: FX majors checkered in outlook – UBS
FXstreet.com (Barcelona) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's majors and outline the technical positions.
Beginning with the USD/JPY, the intraday indicators suggest a bullish trend, as there is scope for a test of resistance at psychological 100.00; a break above would open 101.45, while support is at 97.22 and 95.80. As for the GBP/USD, “We look for a neutral intraday bias with critical resistance at 1.5424. Only a closing break above this would indicate further upside to 1.5606 – support is at 1.5178 ahead of 1.5034.” Finally, regarding the USD/CHF, the analysts maintain a bearish perspective as there is risk for extension of weakness, with support at 0.9257 ahead of 0.9207.
Beginning with the USD/JPY, the intraday indicators suggest a bullish trend, as there is scope for a test of resistance at psychological 100.00; a break above would open 101.45, while support is at 97.22 and 95.80. As for the GBP/USD, “We look for a neutral intraday bias with critical resistance at 1.5424. Only a closing break above this would indicate further upside to 1.5606 – support is at 1.5178 ahead of 1.5034.” Finally, regarding the USD/CHF, the analysts maintain a bearish perspective as there is risk for extension of weakness, with support at 0.9257 ahead of 0.9207.