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Forex Flash: Majors led by USD strength - UBS

FXstreet.com (Barcelona) - Geoffrey Yu and Gareth Barry of UBS have taken a technical look at this mornings majors and note a technical bias towards USD strength.

Starting with EUR/USD, they hold a bearish bias and note that as the trend conditions persist, there is scope for weakness and a break below 1.2736 would expose 1.2662. They see resistance at 1.2890 ahead of 1.3048. Moving to USD/JPY, they are bullish and note that with the momentum threatening to cross higher again, there is potential for resumption of upside. They see resistance at 96.71 and support at 93.11. Shifting to GBP/USD, they are bearish and note that the pair resumed weakness as momentum crossed lower with the MACD below its zero line. They see support at 1.5027 and resistance at 1.5269. Finally, they look at USD/CHF and comment that they are bullish, and with trending and momentum indicators pointing higher, there is scope for further upside to resistance at 0.9567 and even 0.9636. They see support at 0.9428.

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