While EURUSD eased back from last week’s high, the immediate focus remains still on resistance next at 1.1250, above which can aim at the falling trendline from May at 1.1276/84.
Strong selling is expected to emerge here again, but a direct topside break can see a move to the September 2016 peak and trendline resistance at 1.1327/28.
Support shows initially at 1.1203/00, with 1.1160/53 needing to hold to keep the trend still higher. Below 1.1153 can see a deeper fall to the 1.1123 price lows where fresh buying is expected to show.
CS runs a long EUR/USD from 1.1160 targeting 1.1280.
GBPUSD starts the week off in full retreat and has sold off to remove the low end of converging range/trendline support at 1.2914/30, and followed on to remove the mid-August low at 1.2866.
The breakdown begins to confirm a bearish “symmetrical triangle” continuation pattern. We would expect this to hold at first for a bounce. However, we expect an eventual break below here to then aim at 1.2535, with measured targets from the pattern lower at 1.2271/62.
Resistance moves to 1.2901/06, then 1.2914/30, with 1.2997/99 expected to cap to keep the trend directly lower.
CS took profit on its short GBPUSD runs a limit order to short again at 1.2914 targeting 1.2535.
*These trades are recorded and tracked in eFXplus Orders.
Copyright © 2016 Credit Suisse, eFXnews™
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