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Forex Flash: Majors led by USD strength - UBS

FXstreet.com (Barcelona) - UBS strategists Gareth Berry and Geoffrey Yu note have taken a look at today´s majors from a technical perspective and see USD strength still leading sentiment.

Starting with EUR/USD, they are bearish and note that yesterday´s sharp advance does not change the bearish theme and the resistance at 1.3048 should hold. They believe that support is at 1.2746, and a break below would expose 1.2662. Moving to USD/JPY, they are bullish and with the trending and momentum indicators pointing north, focus is on resistance at 97.79, ahead of 99.74, and support is at 92.57. They are bearish GBP/USD, noting that strong resistance is at 1.5269. They write, “While this holds, watch for a break under 1.5027 and extend weakness to 1.4832.” Finally, they are neutral USD/CHF, commenting that support is at 0.9352 ahead of 0.9295. Further, they see Resistance is at 0.9527 and then 0.9567.

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Forex: USD/JPY goes below 96.00 after peaking at 97.19

The USD/JPY resumed its rally and reached as high as 97.19 during the Asian session, but eventually retraced its gains back to the opening price around 96.30/40. Just recently, the market dropped briefly to 95.86 low only to bounce back to a flat daily candlestick.
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