25 Jul 2013
Flash: USD/JPY faces strong correction at 98.57 – 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, “Any downside will be held by strong support at 98.57, which was held previously on a closing basis. Focus is on resumption of upside, with resistance at 101.53 ahead of the key resistance at 103.74, suggesting a neutral intraday outlook.”
“Upside is held by a strong resistance at 1.5394. A closing break above this would be a bullish development. Initial support is at 1.5258 ahead of 1.5171.”
Finally, “regarding the USD/CHF, “with the MACD settled below the zero line, our focus is on further downside, with initial support at 0.9323 ahead of 0.9242.Resistance is at 0.9416 ahead of 0.9478.”
Key quotes
Beginning with the USD/JPY, “Any downside will be held by strong support at 98.57, which was held previously on a closing basis. Focus is on resumption of upside, with resistance at 101.53 ahead of the key resistance at 103.74, suggesting a neutral intraday outlook.”
“Upside is held by a strong resistance at 1.5394. A closing break above this would be a bullish development. Initial support is at 1.5258 ahead of 1.5171.”
Finally, “regarding the USD/CHF, “with the MACD settled below the zero line, our focus is on further downside, with initial support at 0.9323 ahead of 0.9242.Resistance is at 0.9416 ahead of 0.9478.”