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3 Apr 2013
Forex Flash: EUR crosses hold bearish bias - UBS
FXstreet.com (Barcelona) - Gareth Berry and Geoffrey Yu of UBS have taken a technical look at today´s EUR crosses and see a bearish bias ahead.
They begin with EUR/CHF and note that they are neutral on the pair. They write, “There is a significant support at 1.2120. Resistance is at 1.2202 ahead of 1.2255.” Moving to EUR/GBP, they are bearish and add that the recovery of the past two days is to unwind the overextended downside conditions. They see resistance at 0.8557, with support at 0.8410 ahead of 0.8364. Finally, looking to EUR/JPY, they are bearish again, commenting that the risk is for an extension of weakness. They write, “Focus is on critical support at 118.73, a break below this would expose 116.85. Resistance is at 121.87.”
They begin with EUR/CHF and note that they are neutral on the pair. They write, “There is a significant support at 1.2120. Resistance is at 1.2202 ahead of 1.2255.” Moving to EUR/GBP, they are bearish and add that the recovery of the past two days is to unwind the overextended downside conditions. They see resistance at 0.8557, with support at 0.8410 ahead of 0.8364. Finally, looking to EUR/JPY, they are bearish again, commenting that the risk is for an extension of weakness. They write, “Focus is on critical support at 118.73, a break below this would expose 116.85. Resistance is at 121.87.”