- On Wednesday, USDCHF fell below the EMA200 moving average, causing a sharp pullback below the 0.88100 level.
- On Tuesday, USDJPY fell below the EMA200 moving average and began a bearish consolidation.
USDCHF chart analysis
On Wednesday, USDCHF fell below the EMA200 moving average, causing a sharp pullback below the 0.88100 level. Thursday was bearish and the pair retreated to the 0.87700 level. During the Asian session, we saw a continuation of the pullback and the formation of a new weekly low at the level of 0.87580. We are still close to that level, we are still under downward pressure and we are currently hovering around the 0.87650 level.
The lowest possible targets are the 0.87500 and 0.87500 levels. For a bullish call, you need USDCHF to return above the 0.87800 level. With that, we hit a new daily high and skipped the Asian price high. After that, we can expect to see a new bullish consolidation and recovery of USDCHF. The possible highest targets are the 0.87900 and 0.88000 levels.
USDJPY chart analysis
On Tuesday, USDJPY fell below the EMA200 moving average and began a bearish consolidation. The pair fell below the 150.00 level, reinforcing the bearish momentum that continues today. This led to a drop to a new weekly low at 146.87. During the previous Asian session, we tried to hold above the 147.75 level but failed to do so, causing us to fall to today's low.
The lowest possible targets are the levels 146.75 and 146.50. For a bullish option, we need a positive consolidation and a return to the $148.00 level. This returns us to the daily opening price. As we rise, we move away from the previous low. With new support at 148.00, we have the opportunity to start a bullish consolidation and erase some of this week's losses. The highest potential targets are the 148.50 and 149.00 levels.
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