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Forex Flash: Majors indicate further USD strength ahead - UBS

FXstreet.com (Barcelona) - UBS analysts Gareth Berry and Geofrrey Yu have taken a look at todays technical outlook and note that USD strength looks set to continue.

Looking at EUR/USD, they feel that any upside will be limited as bear trend persists. They see resistance at 1.2996 ahead of 1.3107, which should hold. Support is at 1.2844 ahead of 1.2662. Bouncing to GBP/USD, they are again bearish, noting that resistance is at 1.5199. They write, “While this holds, the pair is vulnerable. Support is at 1.5027 ahead of 1.4912.” They are bullish USD/JPY noting that the bullish trend persists. They see resistance at 96.71, and a break above would open 97.79. Further they see support is at 94.72 ahead of 93.57. Finally, looking at USD/CHF they are again bullish and feel that while important support at 0.9359 holds, there is potential for resumption of
strength. They see initial resistance is at 0.9495, and a break above would open 0.9567.

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