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Forex Flash: Majors still lead 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 that they are still largely led by USD strength this morning.

Starting with EUR/USD, they are bearish and comment that any upside should be limited in time and extent, with resistance at 1.2900 and 1.2935. They see support at 1.2751, and a break below would expose 1.2662. They are bearish GBP/USD too, seeing resistance at 1.5269. They write, “While this holds, watch for a break under 1.5027 and extend weakness to 1.4832.” Looking to USD/CHF, they are bullish, commenting that while support at 0.9429 holds, there is potential for resumption of strength. They see resistance at 0.9521 and then 0.9567.

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