3 Jun 2013
Flash: USD/CHF could extend correction with push below 0.9527 – UBS
FXstreet.com (Barcelona) - 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 potential is for extension of the correction phase. The next important support is at 99.58 ahead of 97.02. Resistance is at 101.80 ahead of 103.74, suggesting a neutral outlook.
As for the GBP/USD, “There is a major resistance at 1.5308. As long as this holds, the pair is vulnerable as bearish conditions prevail and a break below 1.5111 would expose 1.5009, suggesting a bearish near-term outlook.” Finally, regarding the USD/CHF, with bull trend in place, the recent downside move should be limited in time and extent, which has tested support at 0.9527. A closing break below would prolong the correction to 0.9431. Resistance is at 0.9651 ahead of 0.9791.
Beginning with the USD/JPY, the potential is for extension of the correction phase. The next important support is at 99.58 ahead of 97.02. Resistance is at 101.80 ahead of 103.74, suggesting a neutral outlook.
As for the GBP/USD, “There is a major resistance at 1.5308. As long as this holds, the pair is vulnerable as bearish conditions prevail and a break below 1.5111 would expose 1.5009, suggesting a bearish near-term outlook.” Finally, regarding the USD/CHF, with bull trend in place, the recent downside move should be limited in time and extent, which has tested support at 0.9527. A closing break below would prolong the correction to 0.9431. Resistance is at 0.9651 ahead of 0.9791.