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2 Aug 2013
Flash: USD/JPY upside faces tough task – 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, “The pair advanced from the strong support at 96.75. This strength is approaching the resistance at 100.02. A closing break above this would trigger further upside.”
“As for the GBP/USD, with the MACD threatening to cross below its zero line, focus in on the key support at 1.5051. A closing break below this would be a bearish development. Resistance is at 1.5254.
Finally, in terms of the USD/CHF, “Yesterday’s sharp advance does not change our bearish view. There is a strong resistance at 0.9428, which is expected to hold the recent upside. Initial support is at 0.9308 ahead of 0.9229.”
Key quotes
Beginning with the USD/JPY, “The pair advanced from the strong support at 96.75. This strength is approaching the resistance at 100.02. A closing break above this would trigger further upside.”
“As for the GBP/USD, with the MACD threatening to cross below its zero line, focus in on the key support at 1.5051. A closing break below this would be a bearish development. Resistance is at 1.5254.
Finally, in terms of the USD/CHF, “Yesterday’s sharp advance does not change our bearish view. There is a strong resistance at 0.9428, which is expected to hold the recent upside. Initial support is at 0.9308 ahead of 0.9229.”