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Forex Flash: Majors favour USD strength - UBS

FXstreet.com (Barcelona) - Gareth Berry and Geoffrey Yu of UBS have taken a technical look at the majors this morning and note a continuation of USD strength.

Beginning with EUR/USD, they are bearish and note that as bearish trends persist, focus is on initial support at 1.2751, and a break below this would extend weakness to 1.2662 with resistance at 1.2900. Moving to USD/JPY, they hold a neutral outlook, commenting that resistance is at 94.15, and a recovery through this would open the way to 95.13. They see support at 92.57, ahead of 90.88. Bouncing to GBP/USD, they are bearish and note that yesterday´s sharp sell off was staged from just under resistance at 1.5269. They feel that focus is on support at 1.5027, and a break below this would open 1.4832. Finally, they shift to USD/CHF and add that they are bullish on the pair. They write, “While support at 0.9429 holds, there is potential for resumption of strength. Resistance is at 0.9567 ahead of 0.9636.”

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