Today’s highlights:
– EUR/GBP: The focus remains on .8150/66 as the rally off .8033/4 continues to gather momentum. Above .8150/66 completes a major base for .8263 initially.
– EUR/JPY: Aggressive breakout through 107.98/108.03 resistance implies that there is now little in the way until our target at 111.45.
– EUR/SEK: Aggressive breakout through key cluster of resistance at 8.6789/8.6829/8.7178 completes bullish continuation pattern, and suggests further strength to 8.9576.
– EUR/NOK: Grind higher continues with the market probing the 7.3664 interim chart hurdle. We highlight that only above here allows the advance to continue to 7.3922.
– NOKSEK: Target resistance at 1.1879 has been surpassed. We expect a reversal lower form the high of 1.1893 back towards 1.1728 initially
Today’s trades/positions:
– EUR/GBP: Long through .8075, targeting .8250, stop at .7960.
– EUR/JPY: Long from 106.65, for 110.65, stop now 108.60.
– EUR/SEK: Short from 8.6100 targeting 8.4510, stop at 8.6835.
– EUR/NOK: Booked small profit at 7.3600. Sell again at 7.3800, targeting 7.2920, stop at 7.4100.
– NOK/SEK: Sell at 1.1845 targeting 1.1645, stop at 1.1902.
– AUD/NZD: Re-sell at 1.2580, for 1.2410, stop at 1.2655.
Click here to read the full report: FX Daily
Credit Suisse