The following are the latest technical setups for EUR/USD, USD/JPY, and GBP/USD as provided by the technical strategy team at Credit Suisse.
EUR/USD: We ideally look for the 1.2741/43 level to cap to see a break beneath here to expose the October 2014 low and 78.6% retracement support at 1.2500/2460. We would expect this hold at first. Further out we look for a break below here for 1.2225/00.
Near-term resistance moves to 1.2741/43, but through 1.2841 is needed to retest the October 2014 swing high at 1.2888/2902, which we would look to cap.
CS holds a EUR/USD long targeting 1.2950.
USD/JPY: USDJPY’s break above the key price resistance at 107.50/58 has seen the completion of a small base. This followed through with a fresh surge of strength, pushing into 108.22/32 – the price and 61.8% retracement of the October decline – to leave the immediate risk topside for further strength towards 109.24 at first. Above here can then see the October peak at 110.09 where we would expect fresh selling to take place. However, a direct move higher can aim at 110.67 next.
Near-term support shows at 107.65, followed by 107.10. A break below 106.79 is needed to negate the base for a move lower towards 106.25/22.
CS holds a USD/JPY long from 107.65 targeting 110.00.
GPB/USD: remains capped below the 21-day average at 1.61601. This leaves the focus on support next at 1.5941. Capitulation below here would refocus attention back on more important price levels at 1.5875/54. We would again look for an attempt to try and hold here. However, if directly removed we would see a move on to the 61.8% retracement of the 2013/2014 uptrend at 1.5752/22.
Resistance moves to 1.6101/32 to 1.6186. Above here is needed to test the 1.6228 pivot then 1.6337/78.
CS holds a long GBP/USD from 1.6030 targeting 1.6382.
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