Today’s highlights:
* EUR/GBP: The corrective bounce continues, but we still expect .7930/64 to cap to maintain the medium-term downtrend.
* EUR/JPY: A break of 97.73/72 is needed to ease further recovery strength to 100.00/01, ahead of 100.72 where we would expect renewed selling.
* EUR/SEK: The countertrend bounce is expected to extend to 8.3822, but we expect 8.5052 to cap to keep our core target lower at 8.0480.
* EUR/NOK: The sideways range continues to dominate near term, but while 7.3990/4100 caps our medium-term bias is still bearish for 7.2176.
* NOKSEK: Further corrective strength must be allowed for. However, we expect the 1.1406/15 barrier to cap to keep our medium-term bias still lower.
* AUDNZD: The focus remains on support at 1.2880/66. Below here is needed for a deeper sell-off in the range to 1.2804/00.
Today’s trades/positions:
* EUR/GBP: Assume flat, sell again at .7930, stop/reverse at .7969 for .7815.
* EUR/JPY: Long, stop below 97.70 for 100.00.
* EUR/SEK: Flat, sell at 8.3570, stop/reverse at 8.3850 for 8.1740.
* EUR/NOK: Short at 7.4316/29, stop at 7.4860 for 7.2200.
* NOK/SEK: Short at 1.1381, stop at 1.1455, target 1.1090.
* AUD/NZD: Long at 1.2890, stop/reverse at 1.2864 for 1.3040.
Click here to read the full report: FX Daily
Credit Suisse