Today’s highlights:
EURUSD: “Inside” pause after aggressive erosion of foundations at the 1.3146 cycle low and our 61.8% retrace target, 1.3050. This leaves the focus on 1.2859, the 2011 low into year-end; above 1.3212/37 needed for a better tone
USDCHF: Bearish “outside” Thursday leaves risk back to trend support at .9290. We would view this as a buying opportunity
NZDUSD: Bounce reflects reluctance to test the November low at .7371 then critical retrace support at .7335. Whilst below .7776, however, the year-end risk is to the latter
Today’s trades:
EURUSD: Short through 1.3249 for 1.2878; exit 1.3249
USDJPY: Long at 77.65 for 78.94; reverse to short here (or exit below 76.94) with stop/reverse above 79.55
GBPUSD: Short through 1.5518 (exit 1.5634) for 1.5356; reverse to long here (exit/reverse back short below 1.5269)
USDCHF: Long again on break of .9480 for .9744; exit .9340. Re-enter long at .9295
AUDUSD: Flat, try a short at 1.0040 for .9786. Enter long here; exit short above 1.0165. Reverse long to short at .9755
NZDUSD: Short entered at .7574 for .7342; exit .7685
USDCAD: Flat, would wait to re-enter short at 1.0450 for 1.01505; exit 1.0525
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http://www.easyforexnews.net/wp-content/uploads/2011/12/document-804709350.pdf
Credit Suisse
FIXED INCOME RESEARCH & ANALYTICS