22 Aug 2013
Flash: USD/JPY fortified by strong support – 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.
Key quotes
Beginning with the USD/JPY, “Resistance is at 98.67, a close above this would be positive, extending the strength to 99.95 and then 101.53. Strong support is at 96.91 ahead of 95.81, indicating a neutral outlook.”
Regarding the GBP/USD, “The pair is under correction within what is an ongoing bullish trend. Support is at 1.5536 ahead of 1.5423. Resistance is at 1.5752 ahead of 1.5879, suggesting a bullish outlook”
Finally, in terms of the USD/CHF, “As bearish conditions persist, there is scope for further weakness to test important support at 0.9130. A move below which would expose 0.9022. Resistance is at 0.9301 ahead of 0.9396.”
Key quotes
Beginning with the USD/JPY, “Resistance is at 98.67, a close above this would be positive, extending the strength to 99.95 and then 101.53. Strong support is at 96.91 ahead of 95.81, indicating a neutral outlook.”
Regarding the GBP/USD, “The pair is under correction within what is an ongoing bullish trend. Support is at 1.5536 ahead of 1.5423. Resistance is at 1.5752 ahead of 1.5879, suggesting a bullish outlook”
Finally, in terms of the USD/CHF, “As bearish conditions persist, there is scope for further weakness to test important support at 0.9130. A move below which would expose 0.9022. Resistance is at 0.9301 ahead of 0.9396.”