EURGBP and EURCHF: EURCHF fell at a new all-time low
- The bullish trend of EURGBP continued this week.
- During this morning’s Asian trading session, EURCHF fell to a new historical low at 0.92108.
EURGBP chart analysis
The bullish trend of EURGBP continued this week. During this morning’s Asian trading session, we saw steady bullish consolidation and a jump to a new high of 0.86196. A new August high was formed, and we were in May the previous time. There are good chances to continue to the bullish side and create a new weekly high. Potential higher targets are 0.86200 and 0.86400 levels.
For a bearish option, the EURGBP would have to stop and start a new pullback. A return below 0.86000 could trigger stronger bearish momentum to continue to the bearish side. That would push the pair to pull back and look for a new support level. Potential lower targets are 0.85800 and 0.85600 levels. The EMA 50 moving average is down at the 0.85150 level.
EURCHF chart analysis
During this morning’s Asian trading session, EURCHF fell to a new historical low at 0.92108. After that, the pair stopped at that level and started a recovery to the 0.93000 level. We are now trying to hold there to initiate a bullish consolidation and move back above the 0.93600 level. Thus, we move above the weekly open price and hope for the support of the EMA 50 moving average at the 0.93800 level.
Potential higher targets are 0.94000 and 0.94500 levels. For a bearish option, we need a negative EURCHF consolidation back down below 0.92500. With that step, we are closer to the previous low, and a new bearish impulse could easily push us to a new lower low. Potential lower targets are 0.91500 and 0.91000 levels. Further decline writes new history.
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