Credit Suisse Goes Short EUR/USD At 1.2985, Looking To Buy USD/JPY At 81.25
Credit Suisse consistent bearish EUR/USD bias might finally pay off. CS established short EUR/USD position from 1.2985, with a protective stop at 1.3025, and a target of 1.2805, currently at 1.2935. As we reported on Monday, this is CS 4th short EUR/USD trade call over the last 10 days (2 stopped out, 1 didn't get filled).
"Immediate EUR/USD support remains at 1.2868 and a break below here is required to signal a top, and see the market revert lower within the range back towards 1.2662," CS expects.
For USD/JPY, CS is looking to buy on dips towards 81.25, with a protective stop 84.10, and a target at 80.00.
"We still do not rule out a deeper setback to 81.13/80.92 (the ideal support zone to re-initiate longs at). However, broadly we remain bullish on USD/JPY and envisage an advance through 82.64/84 to target the March 2012 high of 84.19/10 initially," CS adds.