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Forex Flash: EUR crosses present varying opportunities – UBS

FXstreet.com (Barcelona) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses and note that there is a generally neutral-trending bias ahead.

In particular, the EUR/USD maintains a neutral outlook, as there is a support at 1.2974, ahead of 1.2920, meanwhile resistance lies at 1.3126 onto the more critical 1.3228. In terms of the EUR/CHF, resistance is at 1.2213 – while there is a significant support at 1.2120 as only a break below this would be a major bearish development, suggesting a neutral intraday view.

Moving to the EUR/GBP, there is a bullish bias, as he cross came under pressure from resistance at 0.8648. A closing break above would open 0.8747, while downside should be limited and support is at 0.8490 ahead of 0.8436. The EUR/JPY is also bullish in the near-term. Indeed, the focus is on resistance at 129.74, though a break above this would expose 132.05. Conversely, support is at 126.44, ahead of 124.94.

Forex: USD/MXN in lows around 12.2200/50

The Mexican peso is gaining ground against the greenback on Friday, despite the unemployment rate in the Aztec economy ticked higher in March to 5.01% from 4.76%. The bias continues to favou...
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Forex Flash: Sterling under siege as further stimulus eyed by BoE – UBS

Weale's comments on Thursday are a further sign that sterling will stay under pressure as the BoE may be in a position to add stimulus. We also note that Weale did not vote in recent decisions but his stance may be changing. The market should remember that Carney's N-GDP targeting intentions were never really abandoned despite his cautious comments before the Treasury Select Committee in February.
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