USDCHF and USDJPY: USDCHF continues to fall on Monday
During this morning’s Asian trading session, USDCHF continued its bearish trend
During this morning’s Asian trading session, USDJPY retreated to 143.44, forming a new three-week low
USDCHF chart analysis
During this morning’s Asian trading session, USDCHF continued its bearish trend. A new low was formed at the 0.84559 level. In the EU session, for now, we see maintenance in the zone below the daily open price and pressure on the pair to continue its retreat to a new low. Potential lower targets are the 0.84400 and 0.84200 levels. August’s low USDCHF is at the 0.84323 level.
For a bullish option, we need a positive consolidation and a return of USDCHf above the 0.84800 level. With that step, we would return above the daily open price to the positive side. Then, it would be necessary to stabilize there before continuing to the bullish side. By crossing above the 0.85000 level, we will get support from the EMA 50 moving average. Potential higher targets are 0.85200 and 0.85400 levels.
USDJPY chart analysis
During this morning’s Asian trading session, USDJPY retreated to 143.44, forming a new three-week low. After that, the pair managed to stop further pullback and initiate a recovery to 144.00. We have bullish momentum and expect to see further recovery of USDJPY to the bullish side. Potential higher targets are 144.50 and 145.00.
By moving above 144.50, we are returning to the positive side of above daily open prices. That would be a good sign for us to strengthen the bullish option. For a bearish option, we need a new negative USDJPY consolidation back to the 143.50 level. That step will increase the bearish pressure on the pair to form a new lower low. Potential lower targets are 143.00 and 142.50 levels.
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