EURUSD: We prefer to fade upticks while resistance in the 1.1710 area caps. A move below 1.1290 would encourage our bearish view towards the 1.1020 area initially.
USDJPY: A move above resistance in the 120.75 area (near the 200-dma) would encourage our overall bullish view. We are looking for a move higher in range towards targets in the 123.50 area next.
GBPUSD: We are neutral and would look for signs of a base ahead of the 1.5425 range lows. While support near 1.5330 underpins, we expect a return towards the 1.5820 range highs and then towards the 1.5930 year-to-date highs.
USDCHF: We have re-established our bullish view following Wednesday’s close above resistance in the 0.9540 area. Our initial upside targets are near 0.9800 and then the 0.9905 highs. Further out we look for a move towards 1.0130.
EURJPY: Our bearish view would be encouraged by a move below 135.45. Our downside targets are towards the 133.10/30 range lows. Selling interest caps upticks in the 139.05 area.
EURGBP: We are bearish and look for a move lower towards downside targets near 0.7025 and then the 0.6930 year-to-date lows.
EURCHF: We are overall bullish against support in the 1.0710 area. A move above our upside targets near 1.1000 would point higher towards the 1.1330 area.
AUDUSD: Wednesday’s “doji” candle signals a breather from recent selling as risk appetite gets a lift from the recent uptick in equities. We are overall bearish and would look to sell against the 0.7255 area for a move towards targets near 0.7000 and then the 0.6770 area.
NZDUSD: We are bearish. While resistance in the 0.6710 area caps, we look for a move lower to re-test Monday’s 0.6260 lows.
USDCAD: Downticks are seen as an opportunity to buy at better levels against support in the 1.3145 area. We are bullish and look for further gains towards targets in the 1.3465 area. A move above there would offer scope for longer-term upside towards the 1.4000 area [Barclays]
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