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Flash: FX majors face subdued trading session – 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 latest setback found support at 100.38. A move below, which would extend the correction to 99.58. Resistance is at 102.59, a break above would open 103.74 ahead of 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, the recent weakness does not change the broader bullish picture and major support is at 0.9543. Resistance is at 0.9717 ahead of 0.9839.

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According to Global FX Strategist Sean Callow at Westpac, “The long-awaited NZD/USD unwind of extremely long speculative positioning appears to be underway – the breakdown heralds a further decline to 0.7800 during the weeks ahead.”
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