A few FX strategy ideas
The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, and USD/CHF as provided by the technical strategy team at Barclays Capital.
EUR/USD: The move below initial downside targets near 1.1150, the recent range lows, encourages our bearish view. We are looking for a move towards the 1.1000/1.1020 area and then lower towards 1.0810.
USD/JPY: We are bullish and expect support in the 119.00 area to provide buying interest. Our upside targets are towards the 123.35 area initially.
GBP/USD: We are bearish in the short term towards targets near the 1.5170 May range lows. From there, we would look for signs of a base and return towards the 1.5820 range highs.
USD/CHF: The break above nearby resistance in the 0.9690 area helps to endorse our bullish view. We are looking for upside in range towards targets near 0.9800. A move above there would point towards the 0.9905 highs. Further out, we are targeting 1.0130.
From UBS:
AUD/USD: Due to seasonal demand into mid-September we aren't too bearish at current levels, and prefer waiting for a correction in order to sell. From a risk:reward point of view it may be worth buying into dips below 0.7000, with a tight stop below 0.6950.
USD/CAD: The market is very choppy. Stick to selling rallies, with a stop above 1.3360, targeting a correction towards 1.30.
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