24 July 2013, 19:35 USD/JPY downside held by 98.57
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 bullish intraday outlook.”
“As for the GBP/USD, 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 0.9242 ahead of critical 0.9130.Resistance is at 0.9416 ahead of 0.9478.”
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