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Forex Flash: USD strength leads majors - UBS

FXstreet.com (Barcelona) - UBS strategists Gareth Berry and Geoffrey Yu have taken a technical look at this mornings majors and note that creeping USD strength is leading majors this morning.

Starting with EUR/USD, they are bearish and see that strong resistance at 1.2900 and 1.2935 should hold any upside. They feel that the risk is for a rejection and resumption of weakness. They see support at 1.2751 ahead of 1.2662. They are also bearish GBP/USD and note that the broader bear trend is intact and any upside should find resistance at 1.5269 ahead of 1.5321. They see support at 1.5178 ahead of 1.5093. They are neutral USD/JPY and note that the latest setback suggests extension of correction phase. They see next support at 92.01 ahead of 90.88. Further, they see resistance at 94.38 ahead of 95.13. Lastly, they are bullish USD/CHF and note that there is major support at 0.9429. They write, “While this holds on closing basis, there is potential for resumption of strength. Resistance is at 0.9528 ahead of 0.9567.

Forex: EUR/GBP on “red” after UK data

Following the trend, the UK saw its final reading of March manufacturing PMI by Markit coming in contractionary at 46.8, from 47.9 and below 46.6 consensus. Ahead of the release, the EUR/GBP had dropped below the opening price and printed a low at 0.8426. Expectations ahead of the UK data and disappointment from the European pulled the cross from its high at 0.8452.
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