سوسيته جنيرال
{EU} Theme overnight continues to be USD length cut back with markets consolidating into the FOMC tomorrow. We've pushed through 1.0950 so far with another round of offers here into 1.1000 but the real significant resistance up at 1.1050 where we topped out last month. Down below there is some traffic on the charts into 1.0880 but the real test in our mind isnt until the 1.0750-1.08 region that the market toyed with last week. There are about 1bn of 1.0850-1.0900 rolling off today so they could weigh on the market all else equal into 10am
{GB} GBPUSD continues its ascent peaking through 1.5300 earlier but we found some interbank supply into that region. From here the next level above is 1.5340-50 where some offers come into the market but we dont have a ton until 1.5380-1.5400 with talk of stops above there away from us. Down below we envision support into 1.5250 but really dont have much on the charts to the downside now until 1.5100-50. Meanwhile EURGBP chops around 7150 with some supply on the book into and right above 7200 and then there is some support into 7120-00 with some traffic on the books below there but stops likely if we break down
{SZ} EURCHF has quietly rallied through last week's highs overnight and taken out some strong selling interest into 1.0450-75 here we suspect the next level of resistance lies 1.0500-25 where we understand stops lie above. This keeps USDCHF trading higher on a generally down session for the USD and for now we have avoided a meaningful test of the key 9450-9500 support. Meanwhile the 9700 resistance region (which we rejected earlier last week) week still looms large up above
15:02:49
{JN} USDJPY tested lower on the broader USD move but we filled in modest bids here into the 118.80 and hold for now. Up above you have some congestion on the charts into 11920-30 (where the 100 DMA sits) and 11980-90 where the 50 and 55DMAs sit but the real congestion regions on the charts dont come in until 121.00-20 and 121.50-122.0 up above and then 117.50 below. Expiries see a total of about 1.5bn btwn 118.75 and 119.0
{AU} AUDUSD has toyed with the idea of a break above 8000 but not managed to get through just yet as we've found local supply into 7970-80 and think there are still macros looking to play the short side on rallies (although at this point wouldnt be surprised to see stops through 8010-20). Down below 7820-40 was a pivot to the topside so we look for that region to be supportive for now. There are abt 1bn of of 7975-80s rolling off today
{CA} $CAD trades down to 1.2050 but we found strong demand interbank into this region and and envision further support into 1.2020-40 (which held late last week. Up above we see some supply into 1.2200-1.2180 here but could see others happy to sell into 1.2150 which we saw as a key support on the charts on the way down.