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May 30, 2013
Flash: FX majors waiver in outlooks – 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 potential is for resumption of upside as the trending indicators are bullish. Resistance is at 102.57, a break above which would open 103.74 ahead of 105.60. Support is at 100.38 ahead of 99.58.
As for the GBP/USD, “Yesterday's recovery stalled just under resistance at 1.5156. The risk is for resumption of weakness as the MACD is below its zero line and a break below 1.5009 would open the way to 1.4832. The next strong resistance is at 1.5237, suggesting a bearish near-term outlook.” Finally, regarding the USD/CHF, with bull trend in place, downside should be limited in time and extent, with support at 0.9543 and 0.9473. The broader focus is for a break above resistance at 0.9839, to test the critical 0.9972.
Beginning with the USD/JPY, the potential is for resumption of upside as the trending indicators are bullish. Resistance is at 102.57, a break above which would open 103.74 ahead of 105.60. Support is at 100.38 ahead of 99.58.
As for the GBP/USD, “Yesterday's recovery stalled just under resistance at 1.5156. The risk is for resumption of weakness as the MACD is below its zero line and a break below 1.5009 would open the way to 1.4832. The next strong resistance is at 1.5237, suggesting a bearish near-term outlook.” Finally, regarding the USD/CHF, with bull trend in place, downside should be limited in time and extent, with support at 0.9543 and 0.9473. The broader focus is for a break above resistance at 0.9839, to test the critical 0.9972.