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23 Apr 2013
Forex Flash: USD remains our currency of choice - JPMorgan
FXstreet.com (Barcelona) - USD remains JPMorgan's currency of choice if it comes to safe havens, comments John Normand, Global FX Strategy at the bank.
However, "in order to receive confirmation for a straight resumption of the broader up-trend, it takes breaks above 83.074 (minor 76.4 %) in the USD Index or equivalent below 1.2933 (200 DMA) and below 1.2853 (minor 76.4 %) in EUR/USD" John notes.
"Such breaks would also confirm the H & S topping pattern as shown in the weekly chart. Above 1.2853 though, another attempt to reach out for 1.3295 (weekly trend channel) and maybe even for 1.3483 (int. 76.4 %) can't be excluded yet" he added.
However, "in order to receive confirmation for a straight resumption of the broader up-trend, it takes breaks above 83.074 (minor 76.4 %) in the USD Index or equivalent below 1.2933 (200 DMA) and below 1.2853 (minor 76.4 %) in EUR/USD" John notes.
"Such breaks would also confirm the H & S topping pattern as shown in the weekly chart. Above 1.2853 though, another attempt to reach out for 1.3295 (weekly trend channel) and maybe even for 1.3483 (int. 76.4 %) can't be excluded yet" he added.