03 SEP 2013 12:13 EDT
By eFXnews.com
Credit Suisse maintains a technical tactical short EUR/USD position with a stop above 1.3259, and a target at 1.3025.
"We look for further weakness to the 200-day average at 1.3145 initially. This should be allowed to hold at first, ahead of a test of the 50% retracement level at 1.3103 next, and eventually 1.3021/1.2980 – the measured target from the top and 61.8% retracement. Removal of the latter is needed to expose the broader range lows at 1.2775/55," CS outlines its bias on the pair.
Meanwhile, CS maintains a long USD/JPY position with a stop at 97.85, and a target at 103.10. CS plans to add to this long on a dip into 98.55.
"USD/JPY has surged above pivotal resistance at 98.86/99.15 – the falling trendline from the May peak and the recent high – for the completion of a large bullish “triangle” pattern. We look for this to turn the core trend bullish again, targeting 99.97 initially, ahead of 101.54/61 – the July high and 78.6% retracement of the May/June decline. This latter area should be allowed to cap at first, ahead of an eventual retest of longterm resistance at 103.10/74," CS outlines its bias on the pair.
"We look for further weakness to the 200-day average at 1.3145 initially. This should be allowed to hold at first, ahead of a test of the 50% retracement level at 1.3103 next, and eventually 1.3021/1.2980 – the measured target from the top and 61.8% retracement. Removal of the latter is needed to expose the broader range lows at 1.2775/55," CS outlines its bias on the pair.
Meanwhile, CS maintains a long USD/JPY position with a stop at 97.85, and a target at 103.10. CS plans to add to this long on a dip into 98.55.
"USD/JPY has surged above pivotal resistance at 98.86/99.15 – the falling trendline from the May peak and the recent high – for the completion of a large bullish “triangle” pattern. We look for this to turn the core trend bullish again, targeting 99.97 initially, ahead of 101.54/61 – the July high and 78.6% retracement of the May/June decline. This latter area should be allowed to cap at first, ahead of an eventual retest of longterm resistance at 103.10/74," CS outlines its bias on the pair.
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