Today’s highlights:
EUR/USD: Yesterday’s failure ahead of the 1.4453 resistance hurdle keeps the short-term bias lower to 1.4259/32 chart/38.2% Fibonacci retracement support zone
GBP/USD: Decline continues after reversal from 1.6619 resistance. Risk today is for a break through 1.6422 trend support, which would in turn complete a top and expose 1.6300
AUD/USD: Back challenging initial resistance placed at 1.0484 this morning. We do not expect an upside break to be sustained and remain negative, targeting 1.0111 support
NZD/USD: Market holds above the 61.8% Fibonacci retracement support level of .8141 for now; however, the broad bias still remains through here to .8069/78 and then .7965
Today’s trades:
EUR/USD: Average short from 1.4353, target 1.4160, stop placed at 1.4460. Retry short again at 1.4512 if stopped out
USD/JPY: Average short from 76.48. Target 74.85, stop at 77.40
GBP/USD: Short from 1.6500 targeting 1.6300, stop placed at 1.6640
USD/CHF: Long at .7830 for .8140, stop/reverse through .7755 (for target/reverse of .7653)
AUD/USD: Short at 1.0405. Add at 1.0500, target 1.0210, stop 1.0610
NZD/USD: Averaged short at .8273, target .8000, stop placed at .8400
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http://www.easyforexnews.net/wp-content/uploads/2011/08/document-804347540.pdf
Credit Suisse
FIXED INCOME RESEARCH & ANALYTICS