- The USDCHF pair was in bullish consolidation this week from the level 0.88880 to the level 0.90119.
- Yesterday we saw the formation of a new USDJPY high at the 150.77 level.
USDCHF chart analysis
The USDCHF pair was in bullish consolidation this week from the level 0.88880 to the level 0.90119. Yesterday we had a bearish momentum attempt to break below the EMA50 moving average, but we managed to hold above it and start a new bullish consolidation that took us above the 0.90000 level.
We are now consolidating in that area and can expect to continue with a further correction above the 0.90000 level. The highest possible targets are the 0.90200 and 0.90300 levels. We need a negative consolidation and a pullback below the 0.89800 level for a bearish option.
After that, we could look for support again at the EMA50 moving average. A break below would only strengthen the bearish pressure that would continue to drag USDCHF to lower levels. The possible lower targets are the 0.89700 and 0.89600 levels.
USDJPY chart analysis
Yesterday we saw the formation of a new USDJPY high at the 150.77 level. This was followed by a pullback and bearish consolidation to 150.39 levels. During the previous Asian session, the pair managed to hold above 150.30, but then too much bearish pressure caused us to see a drop below and a decline towards the 150.00 level.
The price since the market open this week was at the 149.87 level and if we break below that level, it could mean a deeper pullback in the coming period. The lowest possible targets are 149.80 and 149.70 levels. We need positive consolidation and a return above the 150.40 level for a bullish call.
So we would have to hold there to start a continuation of positive consolidation from there. The highest potential targets are the 150.60 and 150.70 levels.
ADDITIONAL VIDEO: Weekly summary of market news
!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’)
