Today’s highlights:
– EURUSD: The expected sell-off continues towards the flagged 38.2% retracement support level of 1.3310.
– GBPUSD: Rebounding from flagged long-term trendline support at 1.5622, after gaining traction at 1.5631. We look for a breakout through 1.506 and 1.5881 to target 1.6379.
– USDCHF: Rebound higher brings the market back up to the 50% retracement hurdle of .9206. Above .9206 and .9232 would pave the way for further strength towards .9391.
– AUDUSD: Topping structure reinforced with yesterday’s sell-off, but support found for now at 1.0256. Scope for a rebound to 1.0339. Broadly we still target 1.0149.
Today’s trades/positions:
– EURUSD: Short at 1.3525, targeting 1.3312, stop now scratch at 1.3525.
– USDJPY: Short from 93.90, stop at 95.10, target now 88.10.
– GBPUSD: Long at 1.5843, added at 1.5740, targeting 1.6350, stop tightened to 1.5615.
– USDCHF: Buy at .9150 for .9380, stop at .9050.
– AUDUSD: Short from 1.0456, target now 1.0265, stop now 1.0339.
– NZDUSD: Short through .8447 targeting .8230, stop tightened to .8375.
– USDCAD: Long at .9975 targeting 1.0135, stop at .9900.
Click here to read the full report: FX Daily
Credit Suisse