10 Jun 2013
Flash: USD/JPY movement seen as corrective – 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.
Beginning with the USD/JPY, upside will be viewed as corrective and unwinding the overextended downside conditions. Resistance is at 99.36 ahead of 100.40. Support is at 94.99 ahead of 93.57, indicating a bearish outlook.
As for the GBP/USD, “As bullish conditions persist, a break above 1.5684 would open the way to test the main resistance at 1.5789. Support is at 1.5426.” Finally, regarding the USD/CHF, the pair is consolidating and unwinding the overextended downside conditions of this month. Resistance should hold at 0.9460, while support is at 0.9207, suggesting a bearish outlook.
Beginning with the USD/JPY, upside will be viewed as corrective and unwinding the overextended downside conditions. Resistance is at 99.36 ahead of 100.40. Support is at 94.99 ahead of 93.57, indicating a bearish outlook.
As for the GBP/USD, “As bullish conditions persist, a break above 1.5684 would open the way to test the main resistance at 1.5789. Support is at 1.5426.” Finally, regarding the USD/CHF, the pair is consolidating and unwinding the overextended downside conditions of this month. Resistance should hold at 0.9460, while support is at 0.9207, suggesting a bearish outlook.