23 Jul 2013
Flash: USD/JPY fortified by strong support at 98.60 – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's majors and outline the technical positions.
Key quotes
Beginning with the USD/JPY, “Any downside will be held by strong support at 98.57, which was held previously on a closing basis. Focus is on resumption of upside, with resistance at 101.53 ahead of the key resistance at 103.74, suggesting a bullish intraday outlook.”
“As for the GBP/USD, there is a strong resistance at 1.5394. A closing break above this would be a bullish development. Initial support is at 1.5258 ahead of 1.5158.
Finally, “regarding the USD/CHF, the pair closed below the strong support at 0.9367. This development was negative, exposing 0.9242. Resistance is at 0.9416 ahead of 0.9478.”
Key quotes
Beginning with the USD/JPY, “Any downside will be held by strong support at 98.57, which was held previously on a closing basis. Focus is on resumption of upside, with resistance at 101.53 ahead of the key resistance at 103.74, suggesting a bullish intraday outlook.”
“As for the GBP/USD, there is a strong resistance at 1.5394. A closing break above this would be a bullish development. Initial support is at 1.5258 ahead of 1.5158.
Finally, “regarding the USD/CHF, the pair closed below the strong support at 0.9367. This development was negative, exposing 0.9242. Resistance is at 0.9416 ahead of 0.9478.”