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May 31, 2013
Flash: FX majors face checkered outlook in near-term – 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 pair extends its consolidation phase. As the broader trend is still bullish, the potential is for a move higher to 102.53 and then 134.38. Support is at 100.38 ahead of 99.58.
As for the GBP/USD, “The strength over the past two days has tested important resistance at 1.5237. Only a closing break above would extend the recovery to 1.5308 and then 1.5378. Support is at 1.5111 ahead of 1.5009, suggesting a bearish near-term outlook.” Finally, regarding the USD/CHF, with bull trend in place, the recent downside move should be limited in time and extent, which has tested support at 0.9527. A closing break below would prolong the correction to 0.9431 – resistance is at 0.9651 ahead of 0.9791.
Beginning with the USD/JPY, the pair extends its consolidation phase. As the broader trend is still bullish, the potential is for a move higher to 102.53 and then 134.38. Support is at 100.38 ahead of 99.58.
As for the GBP/USD, “The strength over the past two days has tested important resistance at 1.5237. Only a closing break above would extend the recovery to 1.5308 and then 1.5378. Support is at 1.5111 ahead of 1.5009, suggesting a bearish near-term outlook.” Finally, regarding the USD/CHF, with bull trend in place, the recent downside move should be limited in time and extent, which has tested support at 0.9527. A closing break below would prolong the correction to 0.9431 – resistance is at 0.9651 ahead of 0.9791.