- On Thursday, USDCHF retreated to 0.87426, forming a weekly low.
- On Tuesday, USDJPY retreated to reach support at the $149.68 level.
USDCHF chart analysis
On Thursday, USDCHF retreated to 0.87426, forming a weekly low. Fortunately, we were there for a short time and the pair quickly recovered and returned above the 0.88000 level. With new support from the EMA200 moving average, the pair stabilized in the range 0.88000-0.88200.
During the Asian session and with support at 0.88000, USDCHF attempted to break the 0.88200 level. He didn't succeed; For now, we are still stuck in this range.
This could put fresh pressure on the EMA200 moving average. A drop below increases pressure on the dollar and we could see a new daily low form. The lowest possible targets are the 0.87900 and 0.87800 levels.
USDJPY chart analysis
On Tuesday, USDJPY retreated to reach the support level of $149.68. In that area we encountered the EMA200 and therefore got its support, which helped us start a bullish consolidation. On Wednesday we broke above the 150.00 level again and managed to form a bottom. Thursday brought us bullish consolidation and a jump to the 150.70 level.
During the previous Asian session, USDJPY was under pressure and we saw a drop to 150.35. From there we start a new uptrend and grow to a new weekly high at 150.77.
The highest potential targets are the 150.80 and 150.90 levels. For a bearish option, we need a pullback below the 150.50 level. The pair would be under much greater pressure and could slide lower. The lowest possible targets are the 150.40 and 150.30 levels.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window,document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);fbq(‘init’,’504526293689977′);fbq(‘track’,’PageView’)
