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Forex Flash: Full steam ahead as FX majors show bullish 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, the pair extended its strength and is approaching first resistance at 103.07, a break above which would open the important 105.50. Support is at 100.54 ahead of 98.58, suggesting a bullish intraday outlook. As for the GBP/USD, “The latest setback does not change the broader bullish picture. Support is at 1.5310 ahead of 1.5219, while resistance is at 1.5458 ahead of 1.5606 – this also portends a bullish near-term path.”

Finally, regarding the USD/CHF, as bullish trend persists, a break above resistance at 0.9628 would open the way for further strength to 0.9733 and then 0.9810. Meanwhile, support is at 0.9476.

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