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10 Apr 2013
Forex Flash: Majors look for hold recent gains – 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 one of the more active pairs over an intraweek basis, the USD/JPY remains bullish, despite the propensity of critical resistance at the 99.875 level, onto 101.45. However, “The immediate risk should be for a setback to unwind the overextended upside conditions, support is at 97.57.” they add.
As for the GBP/USD, neutrality is the near-term outlook, while resistance is at 1.5363, ahead of 1.5424 – so long as this level holds, there is scope for resumption of broader bear trend. Support is at 1.5239 ahead of 1.5160. Finally, regarding the USD/CHF, the analysts maintain a neutral perspective as well, citing support at 0.9295 ahead of 0.9230. Conversely, resistance is at 0.9375 ahead of 0.9434.
Beginning with one of the more active pairs over an intraweek basis, the USD/JPY remains bullish, despite the propensity of critical resistance at the 99.875 level, onto 101.45. However, “The immediate risk should be for a setback to unwind the overextended upside conditions, support is at 97.57.” they add.
As for the GBP/USD, neutrality is the near-term outlook, while resistance is at 1.5363, ahead of 1.5424 – so long as this level holds, there is scope for resumption of broader bear trend. Support is at 1.5239 ahead of 1.5160. Finally, regarding the USD/CHF, the analysts maintain a neutral perspective as well, citing support at 0.9295 ahead of 0.9230. Conversely, resistance is at 0.9375 ahead of 0.9434.