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Forex Flash: Euro upside remains intact - BBH

FXstreet.com (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman believes that the Euro´s upside correction remains intact.

He feels that a convincing move above the $1.3115-20 area will signal the start of the next leg up that is worth at least another cent and maybe 2. Ideally, the euro holds above the $1.3020 area, but it may require a break of $1.30 to undermine the correction. Looking to Sterling, he notes that it had a poor close before the weekend, but inside Thursday's range. He writes, “Sterling's advance has stalled just in front of the resistance we identified near $1.5425. If the bullish flag pattern is to remain intact, sterling should not see much in follow through losses. If these materialize, sterling may have to slip back toward $1.52 to test support.”

Forex: USD/CHF testing the 0.9300

The USD/CHF is testing the 0.9300 level during European trading Monday, after recovering off a recent setback that saw the pair trading below the 0.9286 mark. At this juncture, the cross is firmly entrenched in positive territory, notching an advance of +0.34%.
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Forex Flash: USD/JPY year-end forecast at 110.00 – UBS

According to Research Analyst Gareth Berry at UBS, “In Japan, weekly portfolio data releases from the Ministry of Finance will continue on May 10, as is the key date to watch, when a bumper set of releases should offer much better visibility.” Indeed, not one, but two weekly flow reports are due then (after the Golden Week holiday delays publication of the first of the two reports). More importantly, more detailed monthly data will break down flows by investment destination and investor category (banks, lifers, non-life insurance, and toushins).
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