Forex Flash: USD strength easing on majors - UBS

FXstreet.com (Barcelona) - UBS Strategists Gareth Berry and Geoffrey Yu have taken a look at today´s majors from a technical perspective and note that last week´s USD strength looks to be easing.

They begin with EUR/USD and note that they are bearish, commenting that the broader picture is still bearish and upside should be limited, with resistance at 1.3048 and then 1.3115, with support at 1.2858, ahead of 1.2746. Moving to USD/JPY they are bullish, noting that the sharp rally extended this morning and is approaching important resistance at 99.850. They feel that a break above would open 101.45. They see support at 95.77. For GBP/USD, they are neutral, commenting that important resistance is at 1.5424, and a closing break above this would extend the recovery to 1.5606. They see support at 1.5200 ahead of 1.5034. Finally, looking to USD/CHF, they are neutral, commenting that critical support is at 0.9230 and a break below would expose 0.9150. They see resistance at 0.9434 ahead of 0.9567.