Today’s highlights:
– EURUSD: Failure at long-term trendline resistance of 1.3010 suggests weakness back to 1.2868 and then the 200-day average at 1.2800.
– GBPUSD: Removal of 1.5996 warns of a short-term topping structure. We see risk lower towards 1.5926, however below the latter is required to see a return to the 1.5828/1.5790 key support zone.
– USDCHF: Bullish outside reversal day generated after the market rallies higher from .9249 and break through .9302. This sets a bullish tone and suggests strength to .9413.
– USDCAD: Market looks to be defending the flagged support zone at .9895/72 after yesterday’s reversal higher from .9903. Through .9961/84 is required to confirm.
Today’s trades/positions:
– EURUSD: Short from 1.2985, stop now at 1.2975, targeting 1.2805.
– USDJPY: Buy at 81.25, targeting 84.10, stop at 80.00.
– GBPUSD: Sell at 1.6025, targeting 1.5931, stop at 1.6078.
– USDCHF: Long from .9280, targeting .9448, stop at .9210.
– AUDUSD: Long from 1.0435 targeting 1.0610, stop/reverse 1.0426.
– NZDUSD: Sell at .8288 targeting .8120, stop at .8315.
– USDCAD: Target met at .9905. Buy at .9926 targeting 1.0055, stop/reverse through .9900.
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Credit Suisse