EUR/USD could spike sharply lower on a break below 1.07 – SocGen

Kit Juckes, Chief Global FX Strategist at Société Générale, expects the EUR/USD pair to nosedive a move below the 1.07 level.

USD/JPY could spike higher if breaks 140

“EUR/USD could spike sharply lower if we break 1.07 and USD/JPY could spike higher if we break 140.”

“Short EUR/JPY remains an easier trade than trying to guess where the other pairs turn around.”

“As long as the market has concerns about Chinese data and USD/CNH is trundling higher, CAD, AUD and NZD will also remain under pressure, and CAD is the only one I’m even slightly tempted to buy.”