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Forex Flash: Majors look for hold recent gains – UBS

FXstreet.com (Barcelona) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's majors and outline the technical positions.

Beginning with one of the more active pairs over an intraweek basis, the USD/JPY remains bullish, despite the propensity of critical resistance at the 99.875 level, onto 101.45. However, “The immediate risk should be for a setback to unwind the overextended upside conditions, support is at 97.57.” they add.

As for the GBP/USD, neutrality is the near-term outlook, while resistance is at 1.5363, ahead of 1.5424 – so long as this level holds, there is scope for resumption of broader bear trend. Support is at 1.5239 ahead of 1.5160. Finally, regarding the USD/CHF, the analysts maintain a neutral perspective as well, citing support at 0.9295 ahead of 0.9230. Conversely, resistance is at 0.9375 ahead of 0.9434.

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