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May 24, 2013
Flash: FX majors poised for upside after volatile week – 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, yesterday's setback found support at 100.38. The next support is at 99.58. As long as this holds, the potential is for extension of the broader bull trend to test the major resistance at 105.60. As for the GBP/USD, “Initial support is at 1.5014, a break below this would extend weakness to test the critical 1.4832. Resistance is at 1.5174 ahead of 1.5240, suggesting a bearish near-term outlook.”
Finally, regarding the USD/CHF, any downside will be limited, with a strong support at 0.9613. A closing cross higher in momentum tools would resume the bull trend. Resistance is at 0.9839 ahead of 0.9972.
Beginning with the USD/JPY, yesterday's setback found support at 100.38. The next support is at 99.58. As long as this holds, the potential is for extension of the broader bull trend to test the major resistance at 105.60. As for the GBP/USD, “Initial support is at 1.5014, a break below this would extend weakness to test the critical 1.4832. Resistance is at 1.5174 ahead of 1.5240, suggesting a bearish near-term outlook.”
Finally, regarding the USD/CHF, any downside will be limited, with a strong support at 0.9613. A closing cross higher in momentum tools would resume the bull trend. Resistance is at 0.9839 ahead of 0.9972.