USDCHF and USDJPY: USDCHF continues to slide below 0.86000
During the Asian trading session, USDCHF retreated from the 0.86230 level.
During the Asian trading session, USDJPY encountered resistance at the 138.50 level.
USDCHF chart analysis
During the Asian trading session, USDCHF retreated from the 0.86230 level. The pair is again below the 0.86000 level and could test last week’s low at the 0.85650 level. At the beginning of this week, the dollar remains under pressure, and we currently do not see any indications that it could start a recovery. What is clear is that the decline has slowed, and a possible new bottom is being sought. Potential lower targets are 0.85400 and 0.85200 levels.
We need a positive consolidation and a return above the 0.86000 level for the bullish option. Then, we need to hold above there as we test the 0.86230 resistance level. A break above would form a new high, and we would probably expect to start a further recovery of the USDCHF. Potential higher targets are 0.86400 and 0.86600 levels.
USDJPY chart analysis
During the Asian trading session, USDJPY encountered resistance at the 138.50 level. The pair from that level starts a bearish consolidation and pulls back to 138.00. Now we are looking to see if the pair will start forming a new lower low or if it will form a higher low in relation to 137.22, last week’s low.
A new visit by USDJPY to the previous low would mean a potential break below and the formation of a new one. Potential lower targets are 137.00 and 136.75 levels. We need a positive consolidation and a return to the 139.00 resistance level for a bullish option. A break above and a hold above would lead to the formation of a new bottom from which we would break in an opportunity to initiate a USDJPY recovery. Potential higher targets are 139.50 and 140.00 levels.
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