Credit Suisse FX Daily – EURGBP maintains a large bullish base above .7494.

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Credit Suisse FX Daily Research

Today’s highlights:
■ EURUSD  has  initially  been  capped  below  61.8%  retracement  resistance  at 1.1259, but we stay bullish for 1.1387, then 1.1459/95.
■ EURGBP maintains a large bullish base above .7494.
■ USDJPY spotlight remains on critical support at 116.15/115.97.
■ AUDUSD  below  .7002/.6986  can  set  a  top  and  again  expose  the  .6828/27 early year lows.
■ GBPUSD  has  found  a  cap  at  the  50%  retracement  barrier  and  “neckline” resistance at 1.4660/4701.
■ USDCHF reinforces a top below former trendline support now at .9977.
■ USDCAD  has  found  fresh  buying  interest  at  the  38.2%  retracement  of  the March 2015/January 2016 rally at 1.3631.

Today’s trades/positions:
■ EURUSD: Long at 1.1155, stop below 1.1054 for 1.1450.
■ USDJPY: Short at 117.30, stop above 117.80 for 116.05.
■ GBPUSD: Flat. Sell again at 1.4590, stop above 1.4669 for 1.4150.
■ USDCHF: Flat. Sell at 1.0025, stop above 1.0078 for .9805.
■ AUDUSD:  Flat.  Sell  at  .7150,  stop  above  .7220  for  .6830.  Also  sell  on  a direct break below .6986.
■ NZDUSD: Flat. Sell at .6680, stop above .6753 for .6365.
■ USDCAD: Assume flat, buy at 1.3800, stop below 1.3710 for 1.4100.
■ EURJPY: Long at 130.05, stop below 129.50 for 131.90.
■ EURGBP: Long at .7585, stop below .7520 for .7750.