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29 Apr 2013
Forex Flash: EUR crosses hold a mixed technical outlook - UBS
FXstreet.com (Barcelona) - UBS Strategists Gareth Berry and Geoffrey Yu have taken a technical look at today´s EUR crosses and see that the outlook is mixed ahead.
Starting with EUR/CHF, they are bullish and note that there is scope for more upside as bullish trend persists. They see resistance is at 1.2349 ahead of 1.2398 and support is at 1.2240 and 1.2214. Moving to EUR/GBP, they are bearish and note that the cross is testing important support at 0.8410. They see that a closing break below would be a strong bearish development; triggering deeper sell-off to 0.8285. They see resistance is at 0.8448 ahead of 0.8518. Finally, they are neutral EUR/JPY, noting that initial support is at 126.44, and a move below would signal scope for further correction to the strong support at 124.94. They see resistance is at 129.91 ahead of 131.12.
Starting with EUR/CHF, they are bullish and note that there is scope for more upside as bullish trend persists. They see resistance is at 1.2349 ahead of 1.2398 and support is at 1.2240 and 1.2214. Moving to EUR/GBP, they are bearish and note that the cross is testing important support at 0.8410. They see that a closing break below would be a strong bearish development; triggering deeper sell-off to 0.8285. They see resistance is at 0.8448 ahead of 0.8518. Finally, they are neutral EUR/JPY, noting that initial support is at 126.44, and a move below would signal scope for further correction to the strong support at 124.94. They see resistance is at 129.91 ahead of 131.12.