USDJPY coming down at the open of the trading week and is currently trading at 96.90, Last week’s lows. Next area of interest is at 96.29, followed by 95.79, the AUG lows. Weekly bias remains to the downside as long as the pair is trading below 97.88. A daily close above this level would negate our outlook and require reassessment of latest price action.
AUDUSD coming off the monthly highs set on Friday and is currently trading at 0.9387, Last Friday’s lows. Next significant move in the AUDUSD would be on a break of either 0.9524 or 0.9284. A break above 0.9524 would indicate for a possible one more leg up, completing a 3 wave correction before a resumption of the bearish trend. Alternatively a break below 0.9284 would resume the bearish sentiment.
USDCHF retracing some of the gains made on Friday. The USDCHF is in a bearish trend since July 2013 highs. Last Thursday the USDCHF posted new yearly lows, On Friday the pair retraced all of the week’s losses, posting along bullish candle. On the weekly time frame price action might have formed a bullish pin bar, which could indicate on a near term correction. A move above 0.9136 is needed to ease downside pressure.