- During this morning's Asian trading session, the USDCHF continued the downtrend from last week.
- During this morning's Asian session, the USDJPY managed to break below last week's low.
USDCHF Chart Analysis
During the Asian session this morning, the USDCHF continued the downtrend from last week. A new weekly low was formed in the European session at the level of 0.84361. After that, the pair recovered slightly to 0.84500. The movement is now sideways and we have resistance to move to the bullish side. If we manage to move above 0.84600, the chances of starting an upward movement increase.
Possible lower targets are 0.84800 and 0.85000 levels. Before continuing above these levels, we will have to test the 200 EMA in the 0.84800 zone. For a bearish option, we need a negative consolidation and a drop below 0.84300. With such a move, we move to a new weekly low and confirm the presence of bearish swings. Possible lower targets are 0.84200 and 0.84000 levels.
USDJPY Chart Analysis
During the Asian session this morning, the USDJPY managed to break below last week's low. The pair fell to a new low at 139.58 in the European session; the last time the pair was at that level was 15 months ago. We found new support there and again broke above the 140.00 level. The USDJPY rose to 140.28, forming a new high there. To continue on the bullish side, we need a break of this level and a rise to the daily opening price of 140.80.
Additional resistance in that zone is the 50 EMA. If we manage to break above it, we will have a chance for further recovery. Possible upper targets are the 141.50 and 142.00 levels. For a bearish option, we need to see a continuation of the USDJPY pullback below 140.00. With such a move, the previous bearish momentum will strengthen and we will see a pullback to new lower levels. Possible lower targets are the 139.50 and 139.00 levels.
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