Forex Flash: majors looking bullish ahead – UBS
FXstreet.com (Barcelona) - The UBS Strategy team have taken a look at FX majors from a purely technical perspective.
The team are bullish on EURUSD and note that with trend indicators in line, there is scope for the pair to resume strength. A break above resistance at 1.3002 would open the door for a move to 1.3127, with support to be found at 1.2877/40. They continue with the bullish theme when moving onto USDJPY. They note that the immediate risk is for extension of the consolidation phase. They see resistance at 82.84 ahead of 83.30 with strong support to be found at 81.69.
Moving to GBPUSD, the team are again bullish and see resistance ahead at 1.6131, a break above which would open the door to 1.6175 and then 1.6217 with support at 1.6003. Finally, the team see USDCHF as bearish and note key resistance at 0.9409. They believe that while this holds, the pair looks vulnerable. They see support at 0.9295 ahead of 0.9241/15.
The team are bullish on EURUSD and note that with trend indicators in line, there is scope for the pair to resume strength. A break above resistance at 1.3002 would open the door for a move to 1.3127, with support to be found at 1.2877/40. They continue with the bullish theme when moving onto USDJPY. They note that the immediate risk is for extension of the consolidation phase. They see resistance at 82.84 ahead of 83.30 with strong support to be found at 81.69.
Moving to GBPUSD, the team are again bullish and see resistance ahead at 1.6131, a break above which would open the door to 1.6175 and then 1.6217 with support at 1.6003. Finally, the team see USDCHF as bearish and note key resistance at 0.9409. They believe that while this holds, the pair looks vulnerable. They see support at 0.9295 ahead of 0.9241/15.
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