MUFG Research highlights some bearish setups in EUR/USD, USD/CHF, and USD/CAD.

"Over the past week there have been a number of bearish technical developments including: i) EUR/USD breaking above the year to date high from 2nd February at 1.1033 and reaching its highest level in just over a year, ii) USD/CHF falling even more sharply to its lowest level the start of 2021 after breaking below the 0.9000- level, and iii) USD/CAD falling below support from the 200-day moving average at around 1.3400 for the first time since the summer of last year," MUFG notes.

"The USD’s bearish momentum has been reinforced recently by economic data releases that have supported expectations for a sharper slowdown in both US growth and inflation," MUFG adds.