USDCHF retreats from monthly high
The US dollar pulled slightly lower after closing the October rally, which saw over 200 pips added to the pair. The price soared to a monthly high at 0.8100, suggesting that a bearish reversal could be in the making. In the meantime, the RSI’s repeatedly overbought condition indicates an overextension in the indicator and could reveal a slowdown in momentum that we are currently witnessing. A fallback cannot be excluded if buyers start to take profit. 0.8040 would be the first support, with 0.8000 as a critical second level.
NZDUSD (Kiwi) tests fresh low
The NZDUSD (Kiwi) attempts to halt the sell-off after falling from the level seen in April. Despite a widespread cautious mood, the kiwi seems to have found a foothold around 0.5670. A tentative break above 0.5730 from the previous consolidation could mark the beginning of a turnaround, and a convincing breach could spark momentum and propel the price. 0.5620 is the first support in case of a further downward spiral.
EURJPY finding support
The Euro softened after testing the firm resistance at 178.80. On the chart, the price is attempting to maintain its gains after bouncing lower over the past week. A further bearish downturn could send prices towards 175.00, reaching the previous swing low, and put the price in a position for a more meaningful bearish rally. Only a pop above 178.00 could bring the Euro back into focus as the pair continues its choppy movement.
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