Credit Suisse on EUR, GBP, JPY, AUD
EUR/USD: Bearish view. The break below $1.3640 will make the pair test the key support at $1.3487/77 (trend line support/2014 low).Before that there’s support at $1.3576 and $1.3513/03. A break of this level is needed to complete a large bearish wedge pattern and a top.
GBP/USD: The trend remains higher to our core target at 1.7330/32 (50% retracement of the decline in 2007/2009). Resistance lies at $1.7180 and $1.7224. Support is at $1.7095 and $1.7008/1.6998,which should hold to keep the immediate risk higher.
USD/JPY: The pair reinforced a base on Thursday, extending its break above former trend line resistance now at 101.85. This turns attention to the 102.36 price level next, then a bigger test at 102.79/81 (the downtrend line from February 2014 and the June peak). This area should cap the pair initially. The rise above 103.03 is needed to mark the completion of a more important base. Near-term support is at 101.87/85. A slide below 101.23 is needed to expose the key range support again at 100.84/75.
AUD/USD: The break of trend line support at $0.9369 will turn the spotlight on price support at $0.9322 (55-day average and mid-June low). A decline below this level will make the pair turn down again. Above $0.9383 Aussie will aim at $0.9413/18. Extension above $0.9450 is needed to reassert an upward bias for a move back to $0.9506, ahead of the $0.9584 target (38.2% retracement of the entire 2011/2014 downtrend).