- During the Asian session this morning, the USDCHF fell below the EMA200 moving average.
- On Wednesday, USDJPY rose to 161.95, a new weekly high.
USDCHF Chart Analysis
During the Asian session this morning, the USDCHF fell below the EMA200 moving average. We were on the positive side until we found resistance at 0.90500 on Wednesday. After that, the pair fell below the weekly opening price, thus moving to the bearish side. Now, we are under a lot of pressure to start a fresh pullback and form a new weekly low. Possible lower targets are the 0.89600 and 0.89400 levels.
For a bullish option, a positive consolidation and a pullback above the 0.90000 level is essential. This move will take us back above the EMA200 moving average to the positive side. Once we stabilize there, we can start building a position for a possible recovery. This strategy opens up the possibility of reaching the 0.90200 and 0.90400 levels, which keeps us involved in the process.
USDJPY Chart Analysis
On Wednesday, the USDJPY rose to 161.95, a new weekly high. Soon after, the yen strengthened and the pair started to retreat. During the Asian session this morning, we had resistance at the 161.30 level, from which we started to fall below the weekly opening price and the EMA200 moving average. The pair is now under pressure to continue on the bearish side and look for new support at lower levels.
Possible lower targets are the 160.50 and 160.00 levels. If we stabilize above the EMA200, the USDJPY could start a positive consolidation. A new support and the formation of a higher low is a signal that it will turn to the bullish side with the aim of rising to a new high. Possible upper targets are the 161.50 and 162.00 levels.
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