Morgan Stanley Daily FX Recommendations

MS – FX Strategy Daily Trading Recommendations

Currency: Pos: Entry: Target: Stop:

EURUSD Sell 1.3040 1.2500 1.3140
USDJPY Buy 104.40 107.00 103.80
GBPUSD Sell 1.6360 1.5860 1.6460
USDCHF Long 0.9040 0.9450 0.9220
USDCAD Long 1.0880 1.1300 1.0780
AUDUSD Buy 0.9320 0.9500 0.9250

We expect the USD recovery to gain broad momentum, but focus will be on GBPUSD and EURUSD near term. The Yes vote in the latest opinion poll of the Scottish referendum is now putting GBPUSD under increasing pressure, as risk premia for GBP is set to rise amid uncertainty. The 1.6260 target on our GBPUSD short position has been achieved and we have taken profit. We await a rebound to consider re-establishing shorts. EURUSD is also set to remain under pressure and we look for selling opportunities. We also note that USDJPY has remained supported despite the disappointing US payrolls data at the end of last week. Hence, we maintain our buy-on-dip strategy.

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