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28 Mar 2013
Forex Flash: Majors led by USD strength - UBS
FXstreet.com (Barcelona) - UBS Strategists Gareth Berry and Geoffrey Yu have taken a technical look at this mornings majors and note a continuation of USD strength.
Starting with EUR/USD, they are bearish and note that as the bearish trend conditions persist, there is scope for extension of weakness to test strong support at 1.2662. They see resistance at 1.2890. Moving to GBP/USD, they are bearish and add that the broader bear trend is intact and support focus is at 1.5027, a break below would trigger deeper sell-off to 1.4832. They see resistance at 1.5207 ahead of 1.5269. Moving to USD/JPY, they are bullish and see that there is a major support at 93.11. They write, “While this holds, there is potential for resuming upside. Initial resistance is at 95.12, a break above would open 96.71.” Finally, coming to USD/CHF, they are bullish, adding that with trending and momentum indicators pointing higher, there is scope for further upside to resistance at 0.9567 and even 0.9636. Support is at 0.9473.
Starting with EUR/USD, they are bearish and note that as the bearish trend conditions persist, there is scope for extension of weakness to test strong support at 1.2662. They see resistance at 1.2890. Moving to GBP/USD, they are bearish and add that the broader bear trend is intact and support focus is at 1.5027, a break below would trigger deeper sell-off to 1.4832. They see resistance at 1.5207 ahead of 1.5269. Moving to USD/JPY, they are bullish and see that there is a major support at 93.11. They write, “While this holds, there is potential for resuming upside. Initial resistance is at 95.12, a break above would open 96.71.” Finally, coming to USD/CHF, they are bullish, adding that with trending and momentum indicators pointing higher, there is scope for further upside to resistance at 0.9567 and even 0.9636. Support is at 0.9473.