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May 8, 2013
Forex Flash: FX majors face upbeat intraday outlook – 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 the USD/JPY, with the broader bull trend in place, any downside will be limited. Support is at 97.90 ahead of 97.01, while important resistance is at 99.95 ahead of 101.45. As for the GBP/USD, “The latest setback was staged from resistance at 1.5606. As long as support at 1.5402 holds, there’s scope for resumption of strength. Near-term resistance is at 1.5552, suggesting a bullish near-term outlook.”
Finally, regarding the USD/CHF, Resistance is at 0.9437, a break above which would open 0.9499. Meanwhile, support is at 0.9364, a breach here would expose 0.9320.
Beginning with the USD/JPY, with the broader bull trend in place, any downside will be limited. Support is at 97.90 ahead of 97.01, while important resistance is at 99.95 ahead of 101.45. As for the GBP/USD, “The latest setback was staged from resistance at 1.5606. As long as support at 1.5402 holds, there’s scope for resumption of strength. Near-term resistance is at 1.5552, suggesting a bullish near-term outlook.”
Finally, regarding the USD/CHF, Resistance is at 0.9437, a break above which would open 0.9499. Meanwhile, support is at 0.9364, a breach here would expose 0.9320.