HSBC - "USD - USD only expected to gain vs JPY, weaker elsewhere. Short-term direction:  DXY
EUR - Further EUR upside against both USD and GBP. Short-term direction:  EUR-USD
GBP - GBP to underperform. EUR-GBP topside or lower GBP-AUD provide opportunities. Short-term direction:  EUR-GBP;  GBP-USD
JPY - Continue to buy USD-JPY in run-up to BoJ, but we would look to sell USD-JPY on 22 Jan on likely market disappointment. Short-term direction:  USD-JPY  EUR-JPY
CHF - Modest weakness ahead, with EUR-CHF set to break resistance, Short-term direction:  EUR-CHF  USD-CHF
NOK & SEK - NOK-SEK topside is our preference but selling GBP-NOK could also be attractive. Short-term direction:   EUR-NOK  EUR-SEK
AUD & NZD - Both should gain vs USD, but AUD to outperform on China angle. Short-term direction:  AUD-USD  NZD-USD
CAD - USD-CAD, the most potent “risk on” FX, to break below support. Short-term direction:  USD-CAD"
Source: HSBC