Today’s highlights:
– EUR/GBP: Advance continues towards the flagged resistance zone of .8150/66. We continue to expect an eventual breakout through here to complete a major base, for .8263 first.
– EUR/JPY: Upward trend continues its advance towards the key 11.31/111.45 retracement/chart resistance zone. A longer-term base would be completed through here.
– EUR/SEK: The focus remains on 8.7901 61.8% retracement resistance. We note that a breakout through here aims at 8.9576 eventually.
– 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: Approaching major long-term resistance at 1.1936-1.2042/63. We expect the market to remain near this resistance zone and ultimately top out for 1.1553
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 109.50.
– EUR/SEK: Stopped out through 8.6835. Buy at 8.6780 targeting 8.8350, stop at 8.6090.
– EUR/NOK: Sell again at 7.3800, targeting 7.2920, stop at 7.4100.
– NOK/SEK: Short from 1.1845, add at 1.1935 targeting 1.1575, stop at 1.2063.
– 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