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Today’s top trades from Credit Suisse technical analysis team.
Today’s highlights:
■ GBPUSD stays in a bear trend for 1.40000 next, with our bigger picture target still at 1.3504, the 2009 low.
■ EURGBP’s spotlight turns back to the .7898 spike high, with .8009/29 our core target zone.
■ EURJPY’s focus turns to our next target at 121.94/90 – the 50% retracement of the 2012/2014 uptrend.
■ USDJPY’s spotlight stays on the 110.97 spike low. A break below here can see weakness extend to 110.09/00 next.
■ EURUSD’s immediate risks stay lower in the range to support next at 1.0971/60.
■ AUDUSD is expected to try to set a fresh top ahead of the falling 200-day average at .7271.
■ USDCHF below .9876/74 can set a fresh top in the range.
Today’s trades/positions:
■ EURUSD: Flat, buy at 1.0970, stop below 1.0912 for 1.1375.
■ USDJPY: Short at 115.20, stop above 117.54, for 110.10/00.
■ GBPUSD: Covered a short from 1.4480/1.4500 at 1.4150. Sell again at 1.4100, stop above 1.4308 for 1.3660.
■ USDCHF: Flat, try a short at .9965, stop above 1.0006 for .9760.
■ AUDUSD: Short at .7250, stop/reverse above .7275 for .7100.
■ NZDUSD: Short at .6680, stop above .6753 for .6365.
■ USDCAD: Flat. Buy at 1.3700, stop below 1.3631 for 1.4015.
■ EURJPY: Short took profit at 125.05. Sell again at 124.90, stop above 126.00 for 122.05.
■ EURGBP: Long at .7720, stop below .7661 for .7990.
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