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Forex Flash: Majors looks led by USD strength - UBS

FXstreet.com (Barcelona) - UBS strategists Gareth Berry and Geoffrey Yu have taken a look at this mornings majors from a technical perspective and note USD strength.

Beginning with EUR/USD, they are bearish and note that with the momentum crossing lower and trending bearish indicators, they are looking for a break below 1.2736 to expose a move to 1.2662. they see resistance at 1.3048. Moving to USD/JPY, they are bullish and add that there is strong support at 93.11. They feel that while this holds on closing basis, there is scope for resumption of strength. They see resistance at 95.12 ahead of 96.71. Pivoting to GBP/USD, they are neutral on the pair and add that they see resistance at 1.5321 ahead of 1.5424, which should hold any upside. They see support at 1.5102 ahead of 1.5027. Last but not least, they are bullish USD/CHF and comment that the pair bounced sharply yesterday after testing important support at 0.9359. They write, “While this holds on closing basis, there is scope for a move higher to 0.9567.”

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Emmanuel Ng of OCBC Bank notes that the Euro saw fresh weakness across the board on Monday on fresh Cypriot concerns (attributed to the comments from Dutch Finance Minister and Eurogroup head Dijsselbloem indicating that the Cyprus banking bailout deal may serve a s template for future bank crises) which also weighed on the other continental currencies.
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Forex Flash: Investor unease over structure of Cyprus agreement lingers - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that investor unease over the Cyprus agreement was reinforced yesterday following comments from Eurogroup head Dijsselbloem stating that the rescue programme agreed for Cyprus represents a new template for resolving euro-zone banking problems.
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