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Forex Flash: EUR/USD faces neutral outlook in near-term – UBS

FXstreet.com (Barcelona) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses and note that there is a generally neutral-trending bias ahead.

In particular, the EUR/USD maintains a neutral outlook – Friday’s sell-off stalled exactly at the strong support at 1.2936. A closing break below would be a bearish development, triggering a deeper sell-off to 1.2746. Resistance is at 1.3051 ahead of 1.3194. In terms of the EUR/CHF, the latest strength suggests more upside in the near-term. Resistance is at 1.2515 ahead of 1.2569, leaving support is at 1.2361.

Moving to the EUR/GBP, while resistance at 0.8498 holds, the cross remains vulnerable. Support is at 0.8389 ahead of 0.8287, indicating an overall bearish outlook. Finally, the EUR/JPY is bullish in the near-term; the cross posts a new recovery high and there is no major resistance until the critical 134.38. Support is at 131.08.

Forex Flash: Crude oil poised for correction via MACD and Tweezer top – RBS

Crude oil failed to break the 97.1 support, trading in a range of 93.5 – 97.1, formed by Fibonacci retracements from the August-September 2012 impulse wave. According to Technical Strategist Dmytro Bondar at RBS, “A negative crossover in the overbought 12/26/9 MACD oscillator coupled with an inside session and Tweezer top candlestick patterns formed yesterday suggest it is good to take profits on long positions, as the 98.00 region would probably not be reached.
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