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Flash: USD/CHF could extend correction with push below 0.9527 – 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 extension of the correction phase. The next important support is at 99.58 ahead of 97.02. Resistance is at 101.80 ahead of 103.74, suggesting a neutral outlook.

As for the GBP/USD, “There is a major resistance at 1.5308. As long as this holds, the pair is vulnerable as bearish conditions prevail and a break below 1.5111 would expose 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.

Flash: EUR supported on three accounts - BMO Capital Markets

Broadly speaking, BMO remain of the view that there are three capital flows-related components to EUR strength at this stage, particularly on the cross rates
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Commodities Brief – Gold breaches 1400 level, silver maintains tight consolidation below 23.00 target

Gold prices were in for quite a day Monday, following the sporadic pricing action via the publication of generally lackluster US manufacturing data during US trading. Spot prices jumped off the 1391 region to rupture the vaunted 1400 resistance/first upside target, establishing fresh highs in these moments at USD $1404.09 per oz. Ultimately, a push higher is now likely towards the 1420 level, onto the 1445 region.
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