Meanwhile, in USD/JPY, CS thinks that the immediate risk stays higher for 122.22 initially, ahead of the 124.16 high of 2007.
"Bigger picture, we suspect strength could potentially extend as far as the 124.16 high of 2007," CS projects.
"Support moves to 120.69, followed by 120.26/19. A break below the latter is needed to see further weakness towards 119.34," CS adds.
In line with this view, CS entered a fresh long position today by buying the current dip from 120.70, targeting a move towards 123.90.