Barclays expects further EUR/USD gains

the latest technical setups for EUR/USD, USD/JPY, EUR/CHF, AUD/USD, NZD/USD, and USD/CAD as provided by the technical strategy team at Barclays Capital.

EUR/USD: The rally and close above 1.1045 on increased volumes has forced us to abandon our expectation of further weakness. Risk is now skewed for further gains towards our targets near 1.1260 and then the 1.1380 highs.

USD/JPY: We are bearish and look for selling interest near the 114.90 range highs to cap a move lower. Below support near 112.15 would signal downside towards initial targets near 110.95. A move below 110.95 would open our next targets near 110.35/05.

EUR/CHF: We are bullish and look for a move higher in range towards initial targets near 1.1060. A move above 1.1060 would point higher towards the 1.1200 highs.

AUD/USD: We are bullish and look for a squeeze higher in range towards targets near 0.7660/90. It would take a move below the 0.7250 area, near the 200-dma to signal resumption of the greater down-move towards 0.6825. Having reached our initial AUDNZD upside targets near 1.1230, we now expect an extension towards the 1.1430 range highs.

NZD/USD: We are bearish against the 0.6890 range highs and look for a move lower towards our initial targets near 0.6545. Our next targets are at the 0.6350 range lows.

USD/CAD: The move below nearby support in the 1.3230 area encourages our bearish view. We are looking for a move lower towards 1.3060, the 2009 former range highs.

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