The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, and AUD/USD as provided by the technical strategy team at Credit Suisse.
EUR/USD: We stay bearish and look for the break below the 1.3153 recent low for further downside to the September low at 1.3104 next, followed by 1.3020/15 ‒ the 50% retracement, 78.6% retracement of the 2013/2014 uptrend and measured target from the top. While we would expect stronger support here, a direct break below can see 1.2994. Near-term resistance shows at 1.3221, through which should see a small base for a move back to 1.3261.
Above 1.3298 is needed to ease to mark a more concerted correction.
CS maintains a short EUR/USD following 1.3225 break targeting 1.3025.
USD/JPY: USDJPY remains sideways in its near-term range, but with the market still holding above support at 103.50/42, the broader risk is seen staying higher for an eventual retest of 104.47 – the recent high and the 78.6% retracement of the Jan/Feb sell-off. Above can see scope for 104.84/94 initially, followed by a challenge of the 105.48/60 highs where we would expect better selling to show. Bigger picture, an eventual break can mark a more significant bull phase, for potential trendline resistance at 107.31 initially.
Below 103.55/42 can ease the immediate upside bias for a deeper setback to 103.09/03, where we would expect fresh buying to emerge.
CS maintains a long USD/JPY from 103.25 targeting 105.25.
Access & track FX trades from major banks - Alerts, Trade History, & More : eFXplus(+) Technical Setups For EUR/USD, USD/JPY, GBP/USD, AUD/USD - Credit Suisse 31 Aug 2014 21:51 EDT By eFXnews.com Share on print Print Share on email Email
The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, and AUD/USD as provided by the technical strategy team at Credit Suisse.
EUR/USD: We stay bearish and look for the break below the 1.3153 recent low for further downside to the September low at 1.3104 next, followed by 1.3020/15 ‒ the 50% retracement, 78.6% retracement of the 2013/2014 uptrend and measured target from the top. While we would expect stronger support here, a direct break below can see 1.2994. Near-term resistance shows at 1.3221, through which should see a small base for a move back to 1.3261.
Above 1.3298 is needed to ease to mark a more concerted correction.
CS maintains a short EUR/USD following 1.3225 break targeting 1.3025.
USD/JPY: USDJPY remains sideways in its near-term range, but with the market still holding above support at 103.50/42, the broader risk is seen staying higher for an eventual retest of 104.47 – the recent high and the 78.6% retracement of the Jan/Feb sell-off. Above can see scope for 104.84/94 initially, followed by a challenge of the 105.48/60 highs where we would expect better selling to show. Bigger picture, an eventual break can mark a more significant bull phase, for potential trendline resistance at 107.31 initially.
Below 103.55/42 can ease the immediate upside bias for a deeper setback to 103.09/03, where we would expect fresh buying to emerge.
CS maintains a long USD/JPY from 103.25 targeting 105.25.
GBPUSD has extend its grinding bounce and is approaching the falling 13-day average, now at 1.6633, where we ideally look for selling to show. Above can see the recovery extend to what we see as tougher resistance from the accelerated downtrend from July and the 200-day average at 1.6680/93. We look for this latter area to then ideally cap, for a resumption of the downtrend.
Support shows at 1.6557 initially, then 1.6536 with removal of 1.6513/10 targeting the March low at 1.6460. We allow for a bounce here before testing our 1.6283/52 core target – the 38.2% retracement of the entire 2013/14 uptrend/low for the year from February.
CS maintains a short GBP/USD from 1.6650 targeting 1.6375.
AUDUSD has staged an unsuccessful attempt to clear above key price resistance at .9375, keeping the trend sideways for now. Only a clear break above .9375 would see the completion of a base, which should then signal further strength towards .9418 initially, ahead of the more important trendline resistance at .9445, where we would look for a fresh top. A direct extension beyond the latter though should trigger a move higher towards .9472, then the 2014 high at .9506.
Support shows at .9329/28 at first, below which can see a move back to .9302/01. A break below here can alleviate basing thoughts for a retest of key support at .9242/30.
CS runs a limit order to sell AUD/USD at 0.9360 targeting 0.9250.
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