Today’s highlights:
– EUR/GBP: The spotlight remains on the .7950/64 barrier and while below here the medium-term downtrend remains intact.
– EUR/JPY: While trend support at 97.65 holds, recovery risks to 100.00/01 remain intact.
– EUR/SEK: Our attention remains on 8.3822 and only above here would see a firmer base and negate ongoing downside risks.
– EUR/NOK: Prices continue to tread water above the range lows at 7.2592/2504. We allow for bounce, but while below trend resistance at 7.3680 an eventual break below 7.2504 is expected.
– NOKSEK: We look for initial retracement resistance of the 2012 fall at 1.1532 to cap and for the trend to turn lower again from here.
– AUDNZD: The reversal from the 1.2942 barrier turns the focus back on trend support now at 1.2823 where we look for buying.
Today’s trades/positions:
– EUR/GBP: Short at .7930, stop/reverse at .7969 for .7815.
– EUR/JPY: Long, stop below 97.70 for 100.00.
– EUR/SEK: Short 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 1.1485, stop at 1.1535.
– AUD/NZD: Flat, buy at 1.2860, stop at 1.2802 for 1.3000.
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Credit Suisse