- This week was marked by a recovery of USDCHF.
- Yesterday we saw a big pullback of USDJPY from 147.50 to 141.62 levels.
USDCHF chart analysis
This week was marked by a recovery of USDCHF. On Monday we start with 0.86668. Yesterday we formed this week's high at the level of 0.87800. On the positive side, we are slowly moving above the EMA50 moving average and we may soon get support from it. We are currently hovering around the 0.87500 level when testing the EMA50. It would be positive if we hit the 0.87800 resistance level again.
There we would have the opportunity to move forward and begin greater recovery. The highest possible targets are the 0.88000 and 0.88200 levels. We need a negative consolidation and a pullback below the 0.87200 level for a bearish option. This would lead to forming a new low and confirm the bearish momentum. The lowest possible targets are the 0.87000 and 0.86800 levels.
USDJPY chart analysis
Yesterday we saw a big pullback of USDJPY from 147.50 to 141.62 levels. During the Asian session, the pair fell from 144.20 to 142.50. This was followed by a bullish consolidation that took us to levels of 144.50. If this trend continues, we could soon find ourselves above 145.00. With that, we would form a new daily high and establish a bullish option. The highest potential targets are the 145.50 and 146.00 levels.
We need a negative consolidation and a pullback below the 143.50 level for a bearish option. Therefore, we would begin a decline and head towards the support zone around 143.00. After that, we expect to see a further decline to lower levels. The lowest possible targets are the levels 142.50 and 142.00.
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