Today’s highlights:
– EUR/GBP: Upward trend persists higher and we expect the market to challenge the critical .8166 neckline resistance. Above here completes a base targeting .8263 initially.
– EUR/JPY: Prodding above the 107.74 78.6% retracement hurdle, exposing 108.03. We continue to expect an eventual move to 111.45.
– EUR/SEK: Still struggling ahead of the 200-day MA after finding resistance at 8.6789. Still some overshoot potential but whilst capped by 8.7178 high, the risk is back to 8.5099.
– EUR/NOK: Holding channel support at 7.3430 as corrective continues for now. Rebound risk is growing but we expect 7.3922 to cap and still target 7.2870.
– NOKSEK: Resistance found at 1.1792 and the result has been a reversal lower. Despite this we expect the upward trend to persist higher to 1.1879.
Today’s trades/positions:
– EUR/GBP: Long from .8095 targeting .8215, stop now .8049.
– EUR/JPY: Target met at 107.74. Buy at 106.60 targeting 110.00, stop at 105.20.
– EUR/SEK: Sell at 8.6900 targeting 8.5150, stop at 8.7225.
– EUR/NOK: Short from 7.3700 targeting 7.3004 stop at 7.3970.
– NOK/SEK: Long at 1.1760, added at 1.1700, for 1.1872, stop at 1.1672.
– AUD/NZD: Long from 1.2710 targeting 1.2822, stop at 1.2658.
Click here to read the full report: FX Daily
Credit Suisse