Today’s highlights:
– EUR/GBP: .8097 support continues to hold firm. The immediate bias remains higher whilst above here for a test of the .8166/7 key neckline hurdle. Above here exposes .8263.
– EUR/JPY: Resistance found at 112.52. Scope for a correction lower to 109.97, before trend continuation higher towards 116.62.
– EUR/SEK: Emphatic reversal lower from 8.7901/45 resistance brings the market back towards key near term support at 8.6096/.85957. Below here needed for a top for 8.5022.
– EUR/NOK: Head-fake above 8.4092 but the failure at 7.4187 result in a sharp reversal. The focus is now lower to 7.3153, and then 7.2870.
– NOKSEK: Back threatening a break below 1.1728 trendline support. We expect this to occur, and for the market to revert lower, back to interim support located at 1.1553.
Today’s trades/positions:
– EUR/GBP: Long through .8075, targeting .8250, stop now at .8090.
– EUR/JPY: Buy at 108.15, targeting 114.50, stop at 105.80.
– EUR/SEK: Long at 8.6945 targeting 8.8350, stop/reverse at 8.6400 (for 8.5125).
– EUR/NOK: Stopped out at 7.4100. Sell again at 7.3800, or through 7.3700 targeting 7.2900, stop at 7.4190.
– NOK/SEK: Short from 1.1845, 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