Setups: EUR/USD, USD/JPY, USD/CHF, AUD/USD, NZD/USD, USD/CAD - Barclays
EUR/USD: A likely close today below 1.1215 would confirm a key monthly reversal and encourage our bearish view.
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We are looking for a move below initial downside targets near 1.10995 to signal lower towards our next targets in the 1.0990 area.
USD/JPY: We are cautiously bearish following the break above resistance in the 110.60 area. Falling volumes with the month-long up-move signal lack of investor conviction. Overall, we expect the 111.90 range highs to cap a move lower towards initial targets near 108.20. Below 108.20 would signal further downside towards our next targets in the 106.40 area and then 105.20.
USD/CHF: We are neutral and would prefer to buy dips towards support in the 0.9835 area (100/200-dma). Our upside targets are towards parity and then the 1.0100 area.
AUD/USD: While price closes below 0.7260, near the 200-dma, we look for a move towards 0.7040 and then the 0.6825 year-to-date lows.
NZD/USD: close below 0.6760 would signal a monthly engulfing candle and encourage our bearish view towards targets near 0.6665 and then 0.6545. Upticks are likely to find selling interest near 0.6810.
USD/CAD: No change. We are bearish and look for a move below support near 1.2910 to signal lower towards our next targets near the 1.2770 range lows.
