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Forex Flash: Majors look technically mixed ahead - UBS

UBS strategists Geoffrey Yu and Gareth Berry note that this mornings technical outlook has majors showing a mixed outlook for the day ahead.

Starting with EUR/USD, they are bearish on the pair and add that the latest strength does not change the bearish picture and there is a strong resistance at 1.3107 with support seen at 1.2844 ahead of 1.2662. Moving to USD/JPY, they are bullish on the pair and note that there is strong support at 93.57/11. They add, “While these hold, there is scope for resumption of strength. Resistance is at 96.71 ahead of 97.79.” They are neutral GBP/USD and highlight resistance at 1.5321, ahead of 1.5424, which they feel should hold any upside. They add, “Support is at 1.5166 ahead of 1.5027.” Finally, they come to USD/CHF of which they too are neutral this morning. They write, “This morning’s weakness tested important support at 0.9359. The risk is for extension of the recovery to 0.9295. Resistance is at 0.9492 ahead of 0.9567.”

Forex Flash: Dollar Index peaked on March 14th - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that the Dollar Index actually peaked on March 14, days before Cyprus erupted, and recovered but not enough to make a new high last week.
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Forex Flash: GBP & AUD most technically constructive - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that Sterling and the Australian dollar (the latter is not even part of the Dollar Index) appear the most constructive technically.
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