No test on 1.2625 for EUR/USD this week, as the Swiss supranational stands his ground - ahead of 1.2700. Despite negative stocks, the EUR has set its weekly range, and looks to head into the weekend on a 1.2700 handle, though we expect lower levels are not quite done yet. In the options market, we heard topside cover buying going through - though not in significant amounts - but this is unlikely to suggest a near term change in sentiment. Cable was hit pretty sharply just after the London close, losing its 1.5800 handle after posting session highs at 1.5835 earlier in the day. Looking into next week, 1.5650 remains the next key target here, but against the EUR, we feel the recovery is not too far off its limit. .8050-.8100 was (and still is) our key sell zone, and we have made fresh highs into this area on the back of today's Cable losses (1.5730).
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