Back
18 Jun 2013
Flash: USD/JPY rally does not allay bearishness – 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.
Beginning with the USD/JPY, “The weakness since mid–May is approaching the significant support at 93.57. A closing break below this would be further negative opening 90.43. Resistance is at 96.10, suggesting a bearish intraday outlook.”
As for the GBP/USD, yesterday the pair posted a new recovery high. Our focus is on the strong resistance at 1.5789; a closing break above this would be further positive opening 1.5879, while support is at 1.5616. Finally, regarding the USD/CHF, the pair is consolidating to unwind the sharp overextended downside conditions with resistance at 0.9309. Support is at 0.9196 ahead of 0.9130.
Beginning with the USD/JPY, “The weakness since mid–May is approaching the significant support at 93.57. A closing break below this would be further negative opening 90.43. Resistance is at 96.10, suggesting a bearish intraday outlook.”
As for the GBP/USD, yesterday the pair posted a new recovery high. Our focus is on the strong resistance at 1.5789; a closing break above this would be further positive opening 1.5879, while support is at 1.5616. Finally, regarding the USD/CHF, the pair is consolidating to unwind the sharp overextended downside conditions with resistance at 0.9309. Support is at 0.9196 ahead of 0.9130.