7 Jun 2013
Flash: FX Majors hold mixed outlook - UBS
FXstreet.com (Barcelona) - UBS Strategists Geoffrey Yu and Gareth Berry have taken a technical look at today´s majors and see mixed sentiment.
Starting with EUR/USD, they are bullish and comment that yesterday´s strength confirmed the MACD settle above its zero line, and the next resistance focus is at 1.3342. They feel that a break above would open the door to 1.3434, with support at 1.3112. Moving to USD/JPY, they are bearish, commenting, “The recent weakness stalled just above strong support at 95.79. A closing break below which would be negative, triggering a deeper sell-off to 92.57. Resistance is at 99.47.”
They move to GBP/USD, of which they are bullish and note that as bullish conditions persist, a break above 1.5684 would open the way to test the main resistance at 1.5789, while support is at 1.5426. With regard to USD/CHF, they are bearish, commenting, “The sharp sell-off suggests scope for a test of major support at 0.9207. A break below which would expose 0.9150 ahead of 0.9022. Resistance is at 0.9333 ahead of 0.9460. “
Starting with EUR/USD, they are bullish and comment that yesterday´s strength confirmed the MACD settle above its zero line, and the next resistance focus is at 1.3342. They feel that a break above would open the door to 1.3434, with support at 1.3112. Moving to USD/JPY, they are bearish, commenting, “The recent weakness stalled just above strong support at 95.79. A closing break below which would be negative, triggering a deeper sell-off to 92.57. Resistance is at 99.47.”
They move to GBP/USD, of which they are bullish and note that as bullish conditions persist, a break above 1.5684 would open the way to test the main resistance at 1.5789, while support is at 1.5426. With regard to USD/CHF, they are bearish, commenting, “The sharp sell-off suggests scope for a test of major support at 0.9207. A break below which would expose 0.9150 ahead of 0.9022. Resistance is at 0.9333 ahead of 0.9460. “