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Flash: FX majors collect themselves after wild Wednesday – 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, after posting new recovery high, there is potential for a test of the major resistance at 105.60. Support is at 101.83 however. As for the GBP/USD, “The latest weakness reinforces the broader bear trend as the pair closed below 1.5128. There is scope for further weakness and no major support until 1.4832. Resistance is at 1.5174, suggesting a bearish near-term outlook.”

Finally, regarding the USD/CHF, the pair posted a new recovery high yesterday and the potential is for extension of the strength to 0.9899 and then the main 0.9972 – support is at 0.9679.

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The European Commission released preliminary Eurozone Consumer Confidence data which points to an increase to -21.9 in May, from -22.3 in April and slightly below expectations of rising to -21.8.
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