- The USDCHF pair jumped to 0.91126 levels on Wednesday, forming a new three-week high.
- The USDJPY pair is retreating after Wednesday’s jump to 151.72 levels.
USDCHF chart analysis
The USDCHF pair jumped to 0.91126 levels on Wednesday, forming a new three-week high. There was a pause at that level and the pair began to retrace, descending towards the 0.90200 support level. In that area, we get new support in the form of the EMA50 moving average and the pair recovers to the 0.90500 level.
During the previous Asian session, we stayed in that area only to see bearish momentum and a pullback to the 0.90400 level in the previous hour.
We are approaching the EMA50 moving average again, hoping it will stop this pullback. The lowest possible targets are the 0.90200 and 0.90000 levels.
For a bullish option, we need a positive consolidation and a new jump above the level of 0.90600. So, we would have to stay there in order to begin further recovery. The highest possible targets are the 0.90800 and 0.91000 levels.
USDJPY chart analysis
The USDJPY pair is retreating after Wednesday’s jump to 151.72 levels. Weak pressure to break above caused the pair to pull back, falling to the support level of 149.85 yesterday.
We found support at that level and recovered during the Asian session to the 150.50 level. We were unable to continue with a further recovery and now we see a new pullback towards the 150.20 level. Greater bearish pressure could influence us to continue the decline.
The lowest possible targets are the levels 150.00 and 149.80. For a bullish option, we need a positive consolidation and recovery above the 150.60 level.
We would also get support at the EMA50 moving average, which would have a positive effect on USDJPY and push it higher. The highest potential targets are the 150.80 and 151.00 levels.
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