Today’s highlights:
· DXY: Bearish “outside” pattern back from topping resistance at 79.50/70 leaves risk now to our correction target at 78.30/77.90
· EURUSD: Topping questioned, but whilst below 1.3235/44 prior support violations leave risk lower to 1.3026 (recent low/13-day EMA) and on to 1.2931 next
· GBPUSD: Bullish “outside” Wednesday through 1.5775/81 peaks reinforces base with 1.5694/72 resistance now support. Probe of 1.5869/77 pivot leaves risk to 200-DMA, 1.5953
· AUDUSD: Risk of a “Double Top” dismissed by blast higher to prod at Q4 peak, 1.0754, and eye September high, 1.0766. Above here sees little to the secular high at 1.1083
· USDCAD: Defensive below 3-week trend line (1.0055) and poised at the 200-DMA, .9961, with risk through to key chart/retrace targets at .9892/87 and on to .9780/24 swing lows
Today’s trades:
· EURUSD: Short through 1.3175 for 1.2950; exit 1.3261
· USDJPY: Flat, sell a bounce to 76.80 for 75.25; exit 77.45
· GBPUSD: Flat, try long at 1.5695 for 1.5950; exit 1.5625
· USDCHF: Long at .9130 for .9380; exit .9064
· AUDUSD: Flat, try long at 1.0575 for 1.0900; exit/reverse 1.0525
· NZDUSD: Long through .8256, now for .8510; exit .8150
· USDCAD: Short through 1.0049 for .9805; exit 1.0085
Click here to read the full report: FX Daily Majors
Credit Suisse
FIXED INCOME RESEARCH & ANALYTICS