Today’s highlights:
USD/JPY: Again quickly below and back above key wedge support from 2008 hints at a bottom ahead of the 76.25 all time low. Only though 78.55/75 signals a better basing
USD/CHF: Cautious bounce after aggressive extension to our Fibonacci objective at .7845. A move back above .8048 minimally required to even hint at a base; .8278 needed for a firmer tone. We see risk still lower
EUR/USD: Bullish “outside” Friday negated similar pattern from Wednesday to underscore erratic consolidation theme. Risk higher this morning to 1.4471; overshoot threat early this week to key 1.4520/37 area
GBP/USD: Aggressive Friday “outside” pattern from 1.6262 support prodding 1.6444/72 to aim at our August retracement/chart target at 1.6541/49; overshoot risk the 2011 peak, 1.6748
Today’s trades:
EUR/USD: Short, reverse to long at 1.4356 or above 1.4420 for 1.4519
USD/JPY: Long at 77.61 for 79.58; exit 76.19
GBP/USD: Long through 1.6385 for 1.6533; exit 1.6255
USD/CHF: Retry short at .8039 for .7754; exit .8163
AUD/USD: Long at 1.0954 for 1.1191; exit 1.0894
NZD/USD: Retry long at .8530 for .8900; exit .8412
USD/CAD: Short at .9513 for .9276; exit .9651
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http://www.easyforexnews.net/wp-content/uploads/2011/08/document-804275540.pdf
Credit Suisse
FIXED INCOME RESEARCH & ANALYTICS