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Nov 17 - 09:55 AM

USD: Now Targeting 1.1150 In EUR/USD And Still Targeting USD/JPY At 118 N-Term - Credit Suisse

By eFXdata  —  Nov 17 - 08:30 AM

Credit Suisse discusses its near-term targets for EUR/USD and USD/JPY.

"We now lower our near-term target for EURUSD to 1.1150 from the 1.1400 level we had stated as our Q4 target at the end of Q3. Barring a major change in sentiment, we anticipate rallies to be capped around 1.1550. We note also that the wider BBDXY is still 2% or so shy of its 2019 average level around 1200. Which means that current USD strength remains in the realm of unwinding extreme weakness seen in H2 2020 rather than representing material overvaluation," CS notes. 

'This leaves the road clear for more gains across the board relatively unimpeded by valuation or positioning concerns. As one example, we continue to target USDJPY 118.00 as we have done since early October, and we are encouraged by yesterday’s break to new 2021 highs near 115.00," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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