Today’s highlights:
– EUR/GBP: Poised to breakout above .8103/15 resistance, as support at .8022 continues to hold firm. We expect an extension higher to challenge .8157 initially.
– EUR/JPY: Approaching the key 102.83 interim hurdle. We expect an upside breakout above here to challenge 103.89/66 resistance.
– EUR/SEK: Back probing the 8.5810 support level. We are turning bearish and target trendline support located at 8.5307. Below here then sees the 38.2% retracement at 8.4959.
– EUR/NOK: Market remains capped by its near-term trendline at 7.4153. Whilst below here, the risk is for a re-test of 7.3522/7.3458.
– NOK/SEK: Sharp reversal lower from 1.1754 resistance signals the beginning of a downward phase, with risk through 1.1599 to 1.1498.
Today’s trades/positions:
– EUR/GBP: Long from .8030, targeting .8250, stop at .7922.
– EUR/JPY: Long at 101.80, added at 100.30, stop now at 100.60 for 103.60.
– EUR/SEK: Long from 8.6400, added at 8.6200, target/reverse now at 8.6400, stop/reverse through 8.6200 (for 8.5100).
– EUR/NOK: Long again at 7.3660, targeting 7.4600, stop/reverse through 7.3850 (for 7.3500).
– NOK/SEK: Short from 1.1720, targeting 1.1610, stop at 1.1755.
– AUD/NZD: Long through 1.2525, targeting 1.2640, stop now at 1.2517
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Credit Suisse