Today’s highlights:
GBPUSD: Soaring through our target area at 1.6064/90, to now eye the Q4 2011 peak, 1.6167, which we look to cap near term. But mid-Q2 risk is higher to our 1.6350 retrace target.
EURUSD: Prod above 1.3206/14 eases downside pressure through 1.2975/50 for a more neutral theme. Only above 1.3355/88 sets a more constructive tone.
USDJPY: An expected stall back from 81.81/88 trend/chart resistance to favour an April retest of 80.11/00 support.
NZDUSD: Modest support at .8125/16 still at risk, with a break aiming for better foundations at .8059/50. Through here would set a bigger top.
Today’s trades/ positions:
EURUSD: Short at 1.3160 for 1.2810; exit 1.3260.
USDJPY: Long from 81.63 for 85.40; exit 79.90.
GBPUSD: Long at 1.5855 for 1.6160; exit 1.5744.
USDCHF: Long at .9106 for .9330; exit .8988.
AUDUSD: Short at 1.0350 for 1.0050; exit 1.0475.
NZDUSD: Flat, retry short at .8245 for .8060; exit .8327.
USDCAD: Short at .9970 for .9790; exit 1.0085.
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Credit Suisse
Fixed Income Research & Analytics