Today’s highlights:
– EURUSD: Failure at trendline resistance and subsequent break below 1.2961 exposes our key support zone at 1.2890/76/65. We continue to expect this to hold.
– AUDUSD: Aggressive advance overnight results in a breakout above 1.0376 pivotal resistance. This paves the way for a continuation higher for 1.0498 next.
– NZDUSD: Dramatic sell off to fresh lows revives a bearish tone and exposes the long-term 38.2% retracement at .8123. Below here targets more critical .8052 support.
– USDCHF: Market defends upward trendline support at .9430 with a recovery unfolding back up to .9553 resistance. We remain broadly bullish and above here target .9609 first.
Today’s trades/positions:
– EURUSD: Stopped out at 1.2955. Buy again at 1.2931, add at 1.2902, target 1.3300, stop 1.2855.
– USDJPY: Buy at 94.75 targeting 99.50, stop at 92.90.
– GBPUSD: Long from 1.4901 targeting 1.5220, stop at 1.4777.
– USDCHF: Buy again at .9432, for .9750, stop at .9288.
– AUDUSD: Reversed long through 1.0377, add at 1.0285, for 1.0495, stop at 1.0202.
– NZDUSD: Flat. Stopped out at .8185. Sell at .8225 targeting .8080, stop/reverse through .8300.
– USDCAD: Short again at 1.0285, for 1.0135, stop at 1.0317.
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Credit Suisse