The following are the latest technical setups for EUR/USD, USD/JPY, USD/CHF, and AUD/USD as provided by the technical strategy team at Barclays Capital.
EUR/USD: We are neutral given stretched daily studies and look for signs of a top to re-establish our overall bearish view. We would only buy on a break above 1.1710 for a short-term upside squeeze towards the 1.1810/75 area. From there we would look for signs of a top to and move lower in range.
USD/JPY: We are standing aside and look for signs of a base to encourage us to resume our greater bullish view. A move below 116.90 would prompt us to turn bearish in the short-term towards the greater range lows near 115.55 where we would expect buying interest to emerge.
USD/CHF: As with other USD majors, we are waiting for the dust to settle and look for signs of a base before we can re-establish a bullish view. Downside risk is a break below 0.9250 towards the 0.9150 area before buyers resume for a move back towards the 0.9905 highs and then the 1.0130 area.
AUD/USD: Monday’s sell-off reached our initial downside targets near 0.7100. We now expect further weakness and would use any upticks as an opportunity to sell at better levels. Our next downside targets are towards 0.7000 and then the 0.6770 area.
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