USDCHF retreats from monthly high
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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
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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
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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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