Today’s highlights:
– USDCAD: Market completes a medium-term double bottom base through .9975. We see scope for the market to rally substantially higher now to 1.0136, then 1.0273.
– USDJPY: Rebounding higher from support found at 88.06, ahead of the key 87.80 level. Despite this we expect any strength to remain capped by 90.25/84 resistance.
– USDCHF: Market gaining traction at its 38.2% Fibonacci retracement. We remain broadly bullish and target through the .9419/36 resistance zone to .9514, then .9630.
– EURUSD: Still scope for a brief break below 1.3257 but broadly we remain bullish for trend continuation through 1.3404 to 1.3487 and then 1.3835 eventually.
Today’s trades/positions:
– EURUSD: Average short 1.3317, target now 1.3185, stop/reverse at 1.3375.
– USDJPY: Short at 89.80, targeting 86.20, stop at 91.00.
– GBPUSD: Sell at 1.5883 targeting 1.5695, stop/reverse through 1.5922.
– USDCHF: Buy again .9290 targeting .9610, stop at .9197.
– AUDUSD: Short again through 1.0540 targeting 1.0405, stop at 1.0610.
– NZDUSD: Short again at .8415 targeting .8235, stop at .8480.
– USDCAD: Buy 50% at .9976, and 50% at .9947, targeting 1.0262, stop at .9840.
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Credit Suisse