Forex Flash: FX majors poised to gain – UBS

FXstreet.com (Barcelona) - 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, resistance is at the psychological 100.00, a break above this would be positive opening 101.45, while support is at 98.49 ahead of 97.85.. As for the GBP/USD, “Support is at 1.5190, a breach of which would trigger deeper sell-off to 1.5122 and then 1.5054, while resistance is at 1.5305 ahead of the more critical1.5424” Finally, regarding the USD/CHF, yesterday’s sharp advance suggests scope for extension of the strength to 0.9527 and then 0.9567. Support is at 0.9366 ahead of 0.9277.

Apr 24, 2013

American equity markets edge higher despite weak US durable goods

The US stock market climbed slightly higher Wednesday, notching modest gains at the opening on concerns over a sluggish US economy. In the United States, Durable Goods Orders (March) came in at -5.7%, against expectations of just -2.8%. Moreover, Durable Goods Orders ex Transportation yielded a figure of -1.4% in March, vs. a projection of +0.5%.

Forex: EUR/USD held by 1.2980 on US session

The EUR/USD downside is stalling at the 1.2980 line as the New York session opens with the US durable goods orders report already out. The EUR/USD peaked at 1.3034 high by mid-European morning as the pair reacted higher following a tumble to 1.2956 low on the very disappointing German IFO survey that confirmed weakening activity in the country after yesterday’s PMIs. As of writing, the pair is trading just below the 1.3000 level.