The following are the latest technical setups for EUR/USD, USD/JPY, and AUD/USD as provided by the technical strategy team at Credit Suisse.
EUR/USD: The spotlight stays on the medium-term range lows around 1.2230. While we would again expect buying to show here, a break below would then allow further weakness to the 1.2042 low of 2012. Below this latter level would complete a much more important top to then target the June 2010 low at 1.1876, next.
Resistance moves to 1.2353 initially, then 1.2362/69, but with a break through 1.2470/76 needed to turn the attention back to 1.2517, potentially 1.2533/42 again.
CS is currently flat on the pair.
USD/JPY: USDJPY has extended its recovery and pushed above price resistance at 119.01/08. We look for an extension of strength here to test price and 61.8% retracement resistance at 119.57, above which is needed to suggest the correction is over for strength back to 119.92. Through this latter level can then target 121.00, followed by a challenge of the highs at 121.86.
Near-term support is seen at 118.59, followed by 117.83 Below 116.82 is needed to see weakness back towards 116.31/26.
CS maintains a long USD/JPY from 116.50 targeting 119.90.
AUD/USD: With prices still capped below the downtrend from late November at .8227, the immediate risk can stay lower for a retest of .8107, ahead of .8082.
Below the latter should see an extension of weakness towards our core target from the low of 2010 at .8066, potentially as far as trend support at .8016, where we would look for an attempt to base. Beneath here though can keep the immediate risk lower for .7948 – the 61.8% retracement of the 2008/2011 uptrend.
A break above .8227 can see a correction for .8237/39, ahead of price and downtrend resistance at .8276, which we look to try and cap.
CS maintains a short AUD/USD from .8350 targeting .8080.
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