- After a poor start earlier in the week, the USDCHF stabilized yesterday and began a slight recovery.
- During the Asian trading session this morning, the USDJPY initiated a fresh pullback from the 146.30 level.
USDCHF Chart Analysis
After a poor start to the week, the USDCHF stabilized yesterday and started a slight recovery. During the Asian session this morning, the movement took place in the range of 0.85050-0.85250. The pair is currently calm and gradually leaning towards the bullish side. We need a push to 0.85300 to break the EMA 50 moving average. With its support, optimism for a longer USDCHF recovery is growing.
Possible upper targets are the levels of 0.85600 and 0.85800. For a bearish option, we need a negative consolidation and a pullback below the level of 0.85000. With that move, we move to the downside, waiting for a test of yesterday's low. This time, the momentum could take us to a new low and, therefore, extend the previous bearish consolidation. Possible lower targets are the levels of 0.84800 and 0.84600.
USDJPY Chart Analysis
During the Asian session this morning, the USDJPY started a fresh pullback from the 146.30 level. We found support at 145.50 and managed to stabilize. The pair turned higher again and returned above 146.00. Now, we also have support at the EMA 50 moving average. We need a bullish consolidation if we want to see a continuation above 146.50. There, we get fresh support from the EMA200, after which we expect a stronger uptrend.
Possible upper targets are the 147.00 and 147.50 levels. For a bearish option, USDJPY would have to retrace to the 145.00 support level. This would lead to a new daily low and confirm that the pair is under bearish pressure. After that, we are left to watch for a pullback and test the previous support levels. Possible lower targets are the 144.50 and 144.00 levels.
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