USDCHF and USDJPY: New lows for both pairs this morning
During this morning’s Asian trading session, USDCHF continued last week’s bearish trend
During this morning’s Asian session, USDJPY managed to break below last week’s low
USDCHF chart analysis
During this morning’s Asian trading session, USDCHF continued last week’s bearish trend. A new weekly low was formed in the EU session at the 0.84361 level. After that, the pair recovered slightly to 0.84500. The movement is now sideways, and we have resistance to moving to the bullish side. If we manage to move above 0.84600, the chances of starting a bullish increase.
Potential lower targets are 0.84800 and 0.85000 levels. Before we continue above these levels, we will have to test the EMA 200 moving average in the 0.84800 zone. For a bearish option, we need a negative consolidation and a drop below 0.84300. With that step, we move to a new weekly low and confirm the presence of bearish swings. Potential lower targets are 0.84200 and 0.84000 levels.
USDJPY chart analysis
During this morning’s Asian session, USDJPY managed to break below last week’s low. The pair fell to a new low at 139.58 in the EU session; the previous time the pair was there was 15 months ago. We found new support up there and moved back above the 140.00 level. USDJPY rose to 140.28, forming a new high there. To continue on the bullish side, we need a breakthrough of this level and a rise to the 140.80 daily open price.
Additional resistance in that zone is the EMA 50 moving average. If we manage to move above, we will have an opportunity for further recovery. Potential higher targets are 141.50 and 142.00 levels. For a bearish option, we need to see a continuation of the USDJPY pullback below 140.00. With that step, the previous bearish momentum will be strengthened, and we will see a retreat to new lower levels. Potential lower targets are 139.50 and 139.00 levels.
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