EURUSD: The break above initial resistance in the 1.1050 area signals a stronger than originally anticipated pullback.
We are overall bearish against the 1.1215 range highs and look for a move lower towards 1.0815 and then 1.0675 ahead of the 1.0460 year-to-date lows.
USDJPY: Safe-haven flow has encouraged us to turn bearish in the short term. We are looking for a move lower in range towards 122.00 where we would then look for signs of a base. The 120.40 lows are expected to underpin the overall up-move towards the 125.85 highs.
GBPUSD: A bullish “hammer” candle on Friday signals buying interest ahead of support in the 1.5450 area. We look for a move higher in range towards 1.5595. A move above the 1.5675 range highs is needed to signal higher towards our targets near 1.5800 and then the 1.5930 year-to-date highs.
USDCHF: We are bullish and look for a move above 0.9650 to signal higher towards targets near 0.9720 and then the 0.9865 range high. Nearby support is in the 0.9525 area.
EURJPY: We are overall bearish and would prefer to fade upticks against resistance in the 137.80 area. Our initial downside targets are in the 133.10/30 area. A move below would signal lower towards 131.80.
EURGBP: We are bearish against the 0.7255 range highs and look for a move lower towards initial targets near 0.6930 and then the 0.6770 area. Beyond there, we are looking for a move towards the 0.6535, multi-year range lows.
EURCHF: Having reached our initial upside targets in the 1.0575 area, we are now looking for further upside towards 1.0815, the mid-February range highs.
AUDUSD: Following Friday’s sell-off to our initial downside targets near 0.7265, we now expect further weakness over the coming days toward our greater targets near 0.7100.
NZDUSD: Friday’s bearish engulfing confirms the prior topping candle. We expect selling interest near 0.6700 to cap upticks and look for a move lower towards the 0.6495 lows and then our targets in the 0.6400 area.
USDCAD: Profit taking emerged following the break above our targets near the 1.3065 multi-year highs. Subsequent weakness is expected to find buying interest near 1.2915. We would look to buy dips for a move above 1.3105 towards 1.3250 and then the 1.3465 area.