Today’s highlights:
– EUR/GBP: Reversal lower results in a break below .8099/90. We see scope for a bit more weakness, but we look for .8022 chart support to hold, with broader risk still for .8263.
– EUR/JPY: Support at 102.83/99 holds, with the focus skewed higher to 104.62 resistance and then 105.43 – the 61.8% Fibonacci retracement resistance target.
– EUR/SEK: Prodding above the recent high of 8.6952. We see risk remaining skewed higher through the 200 DMA, to 8.7901 eventually.
– EUR/NOK: Breakout above 7.4445 resistance paves the way for a continuation in upside risk to the 7.5002/47 resistance zone.
– NOK/SEK: Rebounding higher, but downward trend stays intact whilst capped by 1.1719. We remain bearish for 1.1544 with overshoot risk to 1.1498.
Today’s trades/positions:
– EUR/GBP: Stopped out in the money at .8090. Buy again at .8055, target .8220, stop at .8015.
– EUR/JPY: Long from 103.51, targeting 105.35, stop at 102.60.
– EUR/SEK: Target met at 8.6900. Buy again at 8.6401, targeting 8.7700, stop at 8.5800.
– EUR/NOK: Target met at 7.4600. Buy again at 7.4256, targeting 7.4950, stop at 7.3950.
– NOK/SEK: Short from 1.1720, target now at 1.1545, stop now at 1.1695.
– AUD/NZD: Short from 1.2660, targeting 1.2505, stop at 1.2701.
Click here to read the full report: FX Daily
Credit Suisse