Forex Flash: Majors look neutral ahead - UBS

FXstreet.com (Barcelona) - UBS Strategists Gareth Berry and Geoffrey Yu have taken a technical look at today majors and are neutral in outlook ahead.

Starting with EUR/USD, they are neutral and note that there is a critical resistance at 1.3202 and then 1.3232. They see that support is at 1.3021 ahead of 1.2920 and a breach here would be a bearish development. Moving to GBP/USD they are bullish, noting that the pair posts new recovery high and is approaching the critical resistance at 1.5606, a break above this would open 1.5689. They see support is at 1.5419. In terms of USD/JPY they ate neutral and note that the latest setback does not change the broader bullish picture as long as strong support at 95.80 holds. They see initial resistance is at 98.93 ahead of the psychological 100.00. Finally, they are neutral USD/CHF, noting that there is strong support at 0.9353 and a move below would expose 0.9277. They see near term resistance is a 0.9435 ahead of 0.9499.